Speaking of the need for prudent banking, I wish to stress the importance of banks continuing to play a proactive role in preventing opportunities for financial fraud and other forms of crime that can only tarnish the integrity and reputation of the country’s financial sector.
Among other initiatives, banks must ensure that their internal control environment is up to standard and effective; for example, compliance with “Know-Your-Customer” (KYC) requirements must be up to date. Indeed, Botswana banks have vested interest in ensuring effective compliance with both the spirit and principles of the global standards on anti-money laundering and the financing of terrorism.