Know Your Customer: A process to Safeguard Customer Money. Mpho Kebafetotse, AML Compliance Manager, Bank Gaborone

In the realm of Banking, fraud and corruption pose significant threats not only to the institutions themselves, but also to the clients they serve. At Bank Gaborone, we uphold a zero-tolerance policy towards such malpractices, prioritising the protection of our clients' assets and the integrity of our operations. Our Risk and Compliance department diligently implements a range of systems (AML Systems), AML CFT policies, and processes to profile and monitor client activities, as per the Financial Intelligence Act of 2022 & Regulations, working in close collaboration with regulatory authorities. Aligned with the Government of Botswana's commitment to combat Money Laundering, Terrorism Financing and Proliferation financing, Bank Gaborone stands resolute in its dedication to upholding the highest standards of financial integrity. Central to our efforts in combating Money Laundering, Terrorism Financing and Proliferation financing is the implementation of Know Your Customer (KYC) standards.

These standards serve as a defensive wall against various forms of financial crime, including fraud and corruption. We recognise that understanding our clients is fundamental to meeting their banking needs successfully. Therefore, we prioritise gathering critical personal information from our clients, including identification documents such as the Omang, Refugee ID, or Passport (for non-citizens), legal documents for non-personal clients, residential and business addresses, sources of income, and monitoring patterns of transaction activities. This not only enhances our understanding of our clients but also fortifies our ability to protect their assets from fraudulent activities. Money laundering, a pervasive threat in the global financial landscape, involves the illegal process of concealing the origins of illicitly obtained money to make it appear legitimate. This criminal practice encompasses funds derived from various criminal activities, including but to limited to fraud, theft, tax evasion, Illicit wildlife trafficking and counterfeiting. To combat this threat Bank Gaborone maintains a dedicated Anti-Money Laundering department tasked with overseeing compliance to our robust Anti-Money Laundering policy.

To ensure thorough client due diligence and prevent money laundering, our staff follows a systematic approach consisting of four key steps:

Step 1: Identify the client and source of funds to establish a clear understanding of their identity and background.

Step 2: Verify the client's personal details to ensure accuracy and authenticity.

Step 3: Profile the client and monitor client transactions against their known KYC profile.

Step 4: Record and document any suspicious transactions identified, enabling swift action and reporting to the Financial Intelligence Agency (FIA) when necessary.

Money laundering transcends geographical boundaries and impacts economies worldwide, irrespective of their developmental stage. Thus, it is incumbent upon all stakeholders to collaborate in combating this pervasive threat. We urge our clients to assist us in this endeavour by promptly submitting and updating their KYC documents. Should any changes occur in their personal information/business, we encourage clients to submit their KYC to us promptly to facilitate timely updates, to avoid restriction of account due to KYC noncompliance. Together, let us stand united in your assets as our clients.

If you wish to update your KYC documents, please visit the nearest Bank Gaborone branch.