AML Compliance Checklist in Namibia: NAMFISA Takes Center Stage

The Anti-Money Laundering (AML) & Inspections department at NAMFISA is dedicated to ensuring that financial institutions in Namibia comply with strict regulations aimed at combating money laundering, terrorist financing, and other financial crimes.

Mandate and Responsibilities

• The AML & Inspections department is responsible for supervising, monitoring, and enforcing compliance with the Financial Intelligence Act of 2012 and its subordinate instruments.
• The department also enforces compliance with the Prevention and Combating of Terrorist and Proliferation Activities Act of 2014 and its subsidiary laws.

Risk-Based Approach

• NAMFISA works closely with the Financial Intelligence Centre to protect the integrity and stability of Namibia’s financial system using a risk-based approach.
• The department conducts targeted inspections into the affairs of non-bank financial institutions when necessary, to ensure that they are operating in accordance with the law.

Comprehensive Checklist for AML Compliance

• NAMFISA has developed a comprehensive checklist to guide financial institutions on their AML obligations.
• The checklist ensures that financial institutions are equipped to:
  • Identify and report suspicious transactions
  • Maintain accurate records of client transactions

Commitment to Staying Ahead of the Curve

• As Namibia’s financial landscape continues to evolve, NAMFISA remains committed to staying ahead of the curve in the fight against money laundering and other financial crimes.
• By implementing a robust AML compliance framework, the department is working towards creating a safe and secure environment for financial institutions to operate in, while also protecting the integrity of Namibia’s financial system.