As part of its obligation to combat money laundering and terrorism, Botswana has enacted laws, specifically the Proceeds of Crime Act, which require insurance companies such as AlphaDirect to implement systems to ensure they properly identify their customers. In addition, AlphaDirect’s regulator, NBFIRA, has issued Anti-Money Laundering Guidelines that all insurance companies must comply with, which also requires us to know our customers.
WHAT IS KYC?
KYC is the process used by financial institutions to verify the identity of its customers. The objective of KYC is to prevent institutions from being used by criminals for money laundering activities. KYC is regarded internationally as important in preventing identity theft, financial fraud, money laundering and terrorist financing.
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