the monitor

Gambling flagged as suspicious transaction reports rise

WILDFIRE: Gambling, particularly online sports betting, has exploded in popularity in the country PIC: MICROSOFT BING ARTIFICIAL INTELLIGENCE
WILDFIRE: Gambling, particularly online sports betting, has exploded in popularity in the country PIC: MICROSOFT BING ARTIFICIAL INTELLIGENCE

The Financial Intelligence Agency (FIA) has picked the use of “high value cash in gambling” as one of the emerging patterns contributing to a rise in suspicious transaction reports that more than doubled to P139.1 million in five months.

By law, banks, bureaux de change, car dealers, microlenders, attorneys, and others must file suspicious transaction reports with the FIA.

The agency defines a suspicious transaction as one inconsistent with a customer’s known legitimate business, one that gives rise to a reasonable suspicion that may involve the commission of a financial offence, one made in circumstances of unusual or unjustified complexity, one that appears to have no economic justification or lawful objective or made by or on behalf of a person whose identity is unknown, amongst other factors.

Editor's Comment
Our digital safety is in our hands

That sounds like good news. But the report also warns that this may simply be because our digital economy is still young, not because we are safe. As more people shop, bank and pay online, criminals will follow.We Batswana do not need a report to tell us that danger is real. Many of us have heard of or fallen victim to KYC scams. A caller impersonates your bank or mobile money provider. They say they need to “verify” your account. They ask...

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