‘VERIFY ONLINE PURCHASES BEFORE PAYMENTS’

MBABANE – The Financial Services Regulatory Authority of Eswatini (FSRA) and the Royal Eswatini National Police Service (REPS) have signed a Memorandum of Understanding (MoU).

The MoU is aimed at promoting the regulation and supervision of financial services providers and improving skills and services rendered to Eswatini and non-banking stakeholder groups.
What also prompted the two institutions to form an agreement was the increase in online fraud cases observed locally. Businesses and individuals in Eswatini have lost over E5 million to online fraud.  Money laundering is also a contributing factor to the ordeal. Unverified transactions, unknown links, and online shopping were highlighted as the major causes of online fraud. Some individuals were victims of scams sent to their phones via emails, cookies and VPNs.

The signed MoU facilitates cooperation between REPS and FSRA to curb the above mentioned issues. Speaking during the signing ceremony yesterday at the Hilton Hotel, FSRA Chief Executive Officer (CEO) Ncamiso Ntshalintshali said working with law enforcement (police) was imperative in their line of work. He said some businesses and individuals were involved in money laundering at different levels, and it was imperative that they were dealt with before more damage was done. The CEO said business owners should be aware of money laundering and fraudulent activities around them as they may affect their businesses.

Laundering

“Money laundering is one of the core issues affecting the services of non-banking financial services providers, and it is imperative that all individuals and businesses be aware and vigilant of the activities happening around them,” he said. National Commissioner of Police (NATCOM) William Dlamini added that they highly appreciated the recognition as a stakeholder in this sector as well as the credit accorded to members of his staff. He said it was his sincere hope and belief that one of the benefits of the MoU event in the long run will be the exchange of personnel through attachment to FSRA for practical on-the-job training, focused capacitation, and the interchange of relevant experiences in their specialist fields, if deemed necessary and appropriate. “The signing of this MoU serves as a symbol of our resolve and commitment as well as recognition for the importance of mutual cooperation and information sharing towards strengthening the fight against financial crime, money laundering and the funding of terrorism,” he added.

Efforts

The commissioner further mentioned that this agreement would also accentuate efforts to safeguard and protect consumers, investors, the economy and individuals from financial crimes and risks, which was one of their primary mandates as the police.“As leadership of the Royal Eswatini Police Service, we further commit ourselves that the MoU in its entirety will be brought to the attention of all our operatives, from the lowest to the highest echelons of the organisational structure, so that our officers are in full congruence with its spirit of direct consultation, judiciousness, and collective responsibility,” he concluded.

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