Namibian Financial Institutions Face Compliance Dilemma: AML Checklist Essential for Risk Assessment

In an effort to combat money laundering, terrorist financing, and proliferation financing, Namibian financial institutions are under pressure to implement robust anti-money laundering (AML) and combating of terrorist financing (CFT) measures. Two key pieces of legislation, the Namibian Financial Intelligence Act of 2012 and the Prevention and Combating of Terrorist and Proliferation Activities Act of 2014, place a duty on Accountable and Reporting Institutions (AIs and RIs) to screen their clients for sanctions compliance and risk profiling.

Sanctions Compliance Obligations

Sanctions compliance obligations must be fulfilled continuously, with all clients screened every time changes are published in the Government Gazette. AIs and RIs must also determine the money laundering and terrorist/proliferation financing risk posed by their clients and perform customer due diligence and monitoring activities accordingly.

Identifying High-Risk Clients

To ensure compliance, institutions must:

• Identify Politically Exposed Persons (PEPs)
• Consider adverse media reports
• Involve in criminal activities such as:
  • Fraud
  • Money laundering
  • Trafficking
  • Terrorism

Simplifying Compliance with KYC NAMIBIA Due Diligence Services

KYC NAMIBIA offers a client list filtering system to assist financial institutions in complying with AML/CFT regulations. The service, which comprises a software application owned and operated by KYC NAMIBIA, enables users to:

• Perform single and bulk search queries via an online platform
• Results are provided in a report format for printing or retention purposes

For more information, contact:

• admin@kycnamibia.com
• info@kycnamibia.com