Limitation on lending to Government, 63. (2) Any net losses incurred by the Bank in any financial year shall, after the Bank has advised Government thereof, be charged first to the General Reserve and then to the Capital. The publishers do not accept any liability whatsoever arising from any errors or omissions to any person acting or refraining from acting as a result of the information contained in this publication. The bank is 100 percent owned by the government of Botswana. Revision Date: 1 Jan 2002. (1) The authorised capital of the Bank shall be P25 000, 000. PART IIEstablishment, Constitution and Objectives, 15. These businesses are licensed to give members of the public assurance that the businesses are operating prudentially and in … F : +267 395 7976. Home Laws & RegulationsBank of Botswana Act. Interpretation PART II - Licencing of Banks 3. BANK OF BOTSWANA (BUREAUX de CHANGE) REGULATIONS (section 73 ) (24th September, 2004 ) To achieve this objective, the Bank is guided by the Bank of Botswana Act (Cap. E : info@bocra.org.bw Posted on March 02, 2017. Joomla SEF URLs by Artio. 55:01), and Bank of Botswana (Bureaux de Change) Regulations PART IIICapital, Profits and Reserves (ss 5-7). Citation 2. (1) The Board shall consist of the Governor, who shall be Chairman, and eight other members appointed in accordance with section 10. Financial Intelligence Act Commencement Date. Opening accounts for domestic financial institutions, etc. Communications And Media Law. 13 of 1995) BANKING (ANTI-MONEY LAUNDERING) REGULATIONS, 2003 (Published on 17th April, 2003) ARRANGEMENT OF REGULATIONS REGULATION 1. This should be furnished as part of the banking licence application process, as prescribed by Section 6 of the Banking Act (Cap. Month 2348. Chapter55-01 Bank of Botswana Act Chapter56-04 Development Loan (Botswana Registered Bonds) Collective Investment Undertakings Act 2001. 2. (4) The members appointed under this section shall be entitled to such fees and allowances as may be determined by the Board with the approval of the Minister. 18. National Development Bank of Botswana was established in 1963 by act of parliament. This Act may be cited as the Corruption and Economic Crime Act, 1994. A Bureau de Change is a business licensed under the Bank of Botswana Act to carry out the business of buying and selling foreign currency. (2) The Board may make Bye-Laws and issue directives and instructions to regulate the conduct of the business of the Bank, and may delegate its powers to the Governor or to such committees as the Board may establish. Payment Systems The Bank of Botswana has legislative oversight of the National Payments System (NPS) in Botswana which ensures the effective functioning of all processes relating to financial payments and settlements. (3) The members appointed under this section, other than the Deputy Governors, shall be appointed for terms not exceeding four years and shall be eligible for re-appointment. Posted in Laws & Regulations. The Bank of Botswana (Bank) promotes financial stability in the country through the regulation and supervision of banks and other financial institutions. Financial Intelligence Act. Requirements for a banking licence include: Nurses and Midwives Act Nurses and Midwives. (2) Of the members appointed by the Minister under subsection (1), not more than two shall be public officers. Maximum amounts of foreign currency holdings or loans, PART VIIIRegulation of Companies which have Applied for or been Issued with a Tax Certificate, 54. Non-Bank Financial Institutions Regulatory Authority Act 2 of 2016. CAP. In addition to providing for the establishment of a central bank in Botswana, the Act describes the Bank’s constitution, powers and objectives, as well as its relationship with the Botswana Government. Requirements for obtaining a Banking Licence An “Application Package for a Banking Licence” is available from the Bank of Botswana on request. Depository and fiscal agency for international financial organisations, PART XAccounts, Financial Statements and Financial Year, 66. The publishers assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up-to-date nature of the information provided in this publication and/or for any consequences of any actions taken on the basis of the information provided, legal or otherwise. As set out in the Bank of Botswana Act (Cap 55:01, section 4), the Bank has the following principal objectives: (a)first and foremost to promote and maintain monetary stability, an efficient payments mechanism and the liquidity, solvency and proper functioning of a soundly based monetary, credit and financial system in Botswana; PART IVBoard, Management and Staff (ss 8-19). 55:01), Banking Act (Cap. An Act to provide for the establishment of the Bank of Botswana, its constitution, objectives and powers; to regulate the issue of Bank notes and coins; to provide for certain matters connected with banking, currency and coinage, and for matters connected therewith and incidental thereto. (1) There is hereby established a central bank, to be known as the Bank of Botswana, which shall be a body corporate with perpetual succession and a common seal, capable of suing and being sued in its corporate name and which, subject to the provisions of this Act, may hold and dispose of movable and immovable property and do all such other things as are necessary for or conducive to the proper carrying out of its objectives and the performance of its functions. Short title and commencement 2. Banking Act 1995. (2) Where a payment under sub regulation (1) is made after a period not exceeding 12 months after the expiry of a licence, the Bank shall impose a penalty in accordance with sub regulation (3). Fax: (267) 3913862 At an operational level, the Bank of Botswana: For more information, contact Banking Supervision Department, Tel: (267) 3606354 sets transparent criteria, guidelines and other requirements for market entry as set out in the Licensing Policy; establishes and regularly updates prudential policies and standards; monitors solvency, liquidity, large exposures, insider loans, provisioning and risk-management strategies, as well as the adequacy of management and governance structures for the sound operation of banks; establishes effective systems for off-site surveillance and on-site examination, including reporting, accounting, auditing and disclosure standards; ensures timely supervisory action and compliance with the banking and other related laws governing the operations of banks in Botswana; and. National Clearance and Settlement Systems Act 5, 2003. This Act may be cited as the Bank of Botswana Act. Its second objective is to earn satisfactory returns on shareholders' funds. (a) meeting all expenses for such year; (b) making provision for bad and doubtful debts; (c) making provision for depreciation of physical assets; (d) making provision for pensions, gratuities and other benefits for its officers and employees; (e) making provision for such other items as the Board may deem necessary; (f) making good the issued capital and General Reserve balances; and. The Golden Jubilee Medal for Outstanding Achievement, being an honour awarded in 2016 to individuals and organisations for outstanding contribution to the development of Botswana. (1) The Bank shall establish and maintain a General Reserve sufficient to enable it to accomplish its principal objectives, the amount of which General Reserve shall be determined from time to time by the Board in consultation with the Minister. monitors and investigates unlicensed, illegal deposit-taking activities and practices. Sole right to issue notes and coins, 24. In this Act, unless the context otherwise requires — "agent" includes any person employed by or acting for another; "Deputy Director" means a … Supplement A - Botswana Government Gazette dated 7th July, 1995 BANKING ACT 1995 NO.13 of 1995. Recovery of lost or stolen notes and coins, 30. In 1974 Botswana withdrew from the RMA, and the Bank of Botswana and Financial Institution Acts established the legal framework for a central bank in Botswana to be established in July 1975, with Christopher H. L. Hermans as the first Governor. (1) The Board shall meet as often as the business of the Bank may require but not less frequently than once in each quarter of the year. The Bank of Botswana (Bank) promotes financial stability in the country through the regulation and supervision of banks and other financial institutions. (2) The primary reserve requirement specified in subparagraph (1) shall be met solely by deposits at the Bank of Botswana. "Bank" means the Bank of Botswana established under section 3; "Board" means the Board of the Bank established under section 8; "Deputy Governor" means a deputy governor appointed under section 13; "financial institution", "bank" and "licensed" shall have the same meanings ascribed thereto under the Banking Act (Cap. Botswana Communications Regulatory Authority. Blackhall Publishing. Bank of Botswana Act < Prev. Act 612 Bank of Ghana Act, 2002 (3) An instrument issued under subsection (2) may include provisions relating to inspection; management audit; and any other aspect of operation of non-banking institutions. Regulations Act 21, 1998. Non-Bank Financial Institutions Regulatory Authority (NBFIRA) NBFIRA is an independent regulatory agency for the non-bank financial institutions. 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