NBFIRA Participates at the Stanbic Bank Conference on Harnessing Virtual Assets for Better AML/CFT Strategies
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) participated in the Stanbic Bank Botswana conference held under the theme ‘’Harnessing Virtual Assets for Better AML/CFT Strategies’’ on March 11, 2025.
The conference was attended by representatives from the financial services sector, being commercial banks, virtual asset service providers, as well as technology experts, policymakers, and compliance professionals.
Mr. Ogona Tshoswane, the Head of Licencing at NBFIRA, delivered the keynote address wherein which he stated that the world is witnessing a significant shift in the financial services sector in that Virtual assets which were once considered a niche concept, are now a global reality and driving financial inclusion, enhancing cross-border transactions, and revolutionising how financial services are perceived.
He went on to say that Botswana is not left behind as it is already recognising this transformation and the importance of a structured regulatory framework that not only enables innovation but also protects the financial system and consumers from illicit activities.
‘’It is in this context that the Non-Bank Financial Institutions Regulatory Authority plays a crucial role. Our mandate is to ensure that virtual asset service providers (VASPs) operate within a framework that upholds transparency, security, and compliance with AML/CFT obligations’’ he said.
During the panel discussions session, the Manager of Fintec Mr Kagiso Mochabaki highlighted the inherent features of cryptocurrencies that make them attractive to criminals. He went on to say that illicit movements of digital assets such as cryptocurrencies are very tough to detect and decode as most of the transactors remain anonymous.
‘’Virtual assets by nature are decentralised and they don’t function under one system’’ He went on to say that Virtual Assets work across different legal regimes and jurisdiction making it even harder to track the use of funds and intentions.
The Director of AML/CFT Mr Mogomotsi Ramanteba closed the conference by reflecting on the messages from previous speakers such as key discussions on AML/CFT strategies, regulatory collaboration, cybersecurity, and the future of virtual assets in Botswana, reinforcing the need for a secure, transparent, and resilient digital financial ecosystem as alluded by most speakers on the day.
