Circular – Issuance of Guidance on Reconciling Data Protection and Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Obligations for NBFIs

June 12, 2026
Posted by: NBFIRA Media
Category: News and Events

TO: AML/CFT Compliance Officers – Non-Bank Financial Institutions

FROM: Non-Bank Financial Institutions Regulatory Authority (NBFIRA)

DATE: June 11, 2026

SUBJECT: SUBJECT: ISSUANCE OF GUIDANCE ON RECONCILING DATA PROTECTION AND ANTI-MONEY LAUNDERING/COUNTERING THE FINANCING OF TERRORISM (AML/CFT) OBLIGATIONS FOR NBFIS

Reference is made to the above.
The Non-Bank Financial Institutions Regulatory Authority (“the Authority”) or (“NBFIRA”) as a supervisory authority under the Financial Intelligence Act, 2022 (FI Act) (as amended) hereby presents a rectified guidance note to supervised entities on Reconciliation of Data Protection and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Obligations for Non-Bank Financial Institutions (NBFIs) which was issued January 8, 2026.
This guidance note is issued pursuant to section 49(1)(c) of the FI Act which mandates supervisory authorities, in consultation with the Financial Intelligence Agency (FIA) to establish and issue guidance notes to help specified parties comply with the FI Act.
The revision made to the previously published guidance note is outlined below:

Original lines from the Previously Published Document 

Amendments in the Current Document 

The legal obligations placed on NBFIs by the FI Act provide a lawful basis for the collection, processing, and retention of customer data for AML/CFT purposes, thereby overriding the legal basis for explicit consent under the DPA.   

The legal obligations placed on NBFIs by the FI Act forms part of a legal basis for the collection, processing, and retention of customer data for AML/CFT purposes. In the event of any conflict or inconsistency between the provisions of the FI Act and the DPA on AML/CFT or any other laws on combating the commission of financial offences, the provisions of the FI Act shall take precedence as per Section 3 of the FI Act. 

The NBFIRA, through this communication, disseminates guidance on “Reconciliation of Data Protection obligations with Anti-Money Laundering and Countering the Financing of Terrorism Obligations for NBFIs”.

Supervised entities are to contact the AML/CFT Department at amlcft@nbfira.org.bw should they require further clarification on the matter.

Download – Guidance Note on Reconciliation of Data Protection and Anti-Money Laundering-Countering the Financing of Terrorism Obligations for NBFIs