Financial Intelligence Act-KYC Compliance
FINANCIAL INTELLIGENCE ACT KYC COMPLIANCE
According to the Financial Intelligence Act (“FIA”) of Botswana, property professionals are “Accountable Institutions” and certain obligations are placed on us as Tempest Gold. The FIA was introduced to combat money laundering and other financial crimes.
For Tempest Gold (Pty) Ltd to comply with the FIA, we are required to:
- keep records of all transactions with clients;
- establish and verify the identity of all clients, prior to rendering legal services; and
- report “unlawful activities” and “suspicious and unusual transactions” to the Financial Intelligence Centre.
The FIA recognizes the principle of legal privilege despite the reporting obligations placed on this firm as an Accountable Institution.
In terms of the FIA, we are now obliged to request more information from our clients than was the case in the past, by mandating our clients to complete the KYC form and providing the necessary documentation and, where appropriate, report such information to the Financial Intelligence Centre.
Download the Act by clicking on this link: https://www.bankofbotswana.bw/sites/default/files/Financial%20Intelligence%20ACT%20No%202%20of%202022.pdf