In addition to contributing to the safety, soundness and stability of the financial system, the Bank has mechanisms to protect consumers from the harm that can result from improper business conduct in the banking industry. In this regard, the Bank promotes a positive consumer-focused culture within regulated entities and encourages regulated financial institutions to treat customers in a fair, professional and transparent manner. This endeavour is accompanied by promotion of consumer financial literacy to help consumers of financial products make informed financial choices and avoid activities that can lead to financial losses, such as illegal deposit-taking activities by pyramid scheme operators.
Financial crimes, such as money laundering, have become a global phenomenon and pose a threat to financial stability. In this context, there is need for concerted efforts by countries to reverse this wave of financial crimes. The focus should be on devising strategies for combating cyber crimes, reducing opportunities for money laundering, and promoting resilience. This is all the more important for countries, such as Botswana, which host providers of international financial services. Read more on this issue under AML/CFT section.