Saturday, December 9, 2023

No more anonymous Bank Accounts

An amendment of the Banking and Financial Intelligence laws will put an end to anonymous banks accounts that a few individuals have been enjoying in the country.

Minister of Finance and Economic Development Kenneth Matambo last week presented the Bills of the news laws in Parliament.

He was however quick to mention that the amendment does not come as a result of “wrong doing” by local banks.

“I will like to mention that by amending the sections to include the prohibition of opening of anonymous accounts does not in any reflect our local banks have or are defaulting our financial systems,” he insisted.

Matambo made the clarification following a spate of accusations leveled against the local banks which the Members of Parliament from across the political divide piled heavily with the bank officials accusing them of conniving with the customers.

“No local banks have been caught committing such an offence,” the Minister added.

“As with the anonymous accounts I find it in no way that an account could be opened without the full knowledge and information of the customer including their names and addresses,” argued the MP for Gaborone Bonnington North Duma Boko, insisting even the banks have “what they call Know Your Customer.”

A former bank employee, MP for Palapye Moiseraela Goya will also join the bandwagon emphasizing on the “KYC” as practiced with every bank.

“So I fail to understand why they will be such a thing called the anonymous banking accounts.”

Know your customer (alternatively know your client) is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.


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