Simplified Customer Due Diligence Guidance Note To The Non Banking Financial Institutions ((NBFIs)

NBFIRA 3/3/10/-I (43)

To; AML/CFT Compliance Officers/Principal Officers – Regulated Non-Bank Financial Officers (“NBFIs”)

SUBJECT: SIMPLIFIED CUSTOMER DUE DILIGENCE GUIDANCE NOTE TO THE NON BANKING FINANCIAL INSTITUTIONS (NBFIs)

1. The above captioned subject matter bears reference.

2. Botswana has an obligation to support international efforts to combat money laundering, prevent, suppress and disrupt proliferation of weapons of mass destruction as well as the financing of terrorism.

3. The Non-Bank Financial Institution Regulatory Authority (“NBFIRA”), in consultation with the Financial Intelligence Agency, hereby in accordance with section 44 (1) (b) of the Financial Intelligence Act 2019 issues this guidance note on simplified customer due diligence.

4. NBFIRA through this guidance note anticipates a better understanding in the formulation of adequate AML/CFT & P policies. Regulated entities are further advised to continue updating their policies to accommodate emerging money laundering and terrorism and proliferation typologies.

Link to the PDF Guidance note

Yours faithfully,

___________________

Sriran Gade (Mr)

Deputy CEO- Regulatory