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Namibia Introduces Stricter AML/KYC Regulations
Windhoek, Namibia - The Namibian government has recently introduced new regulations aimed at strengthening anti-money laundering (AML) and know-your-customer (KYC) measures in the country. These regulations are designed to prevent financial crimes and ensure transparency in financial transactions.
Identity Verification: A Critical Component
According to the new regulations, identity verification is a crucial step in the onboarding process for all customers. This involves verifying an individual’s identity using various documents such as:
- Identity cards
- Passports
- Driving licenses
- Utility bills
- Government-issued documents
- Bank statements
Multiple Instances of Verification Required
Identity verification is not a one-time process but rather requires multiple instances of verification throughout the customer relationship. The timing of verification depends on the specific requirements of each business and its interaction with Shufti Pro.
Politically Exposed Persons (PEPs) Screening
The regulations also require businesses to determine if customers are PEPs, hold public office, or exhibit a higher risk profile. To fulfill this obligation, Shufti Pro offers an AML screening service that screens individuals against global watchlists and databases of compromised PEPs and sanctioned individuals.
Reliance on External Services
Businesses can seek the services of third-party providers to apply measures of due diligence, as required by Namibian regulations. However, they remain liable for maintaining compliance with AML and KYC obligations.
Record Retention
The regulations also require businesses to retain data for not less than five years, which is part of their AML and KYC obligations for due diligence. This information must be collected from third-party providers without undue delay.
These new regulations demonstrate the Namibian government’s commitment to preventing financial crimes and promoting transparency in financial transactions. Businesses operating in Namibia are advised to familiarize themselves with these regulations and ensure compliance to avoid any legal consequences.
About Shufti Pro
Shufti Pro is a leading provider of AML screening services, helping businesses to comply with regulatory requirements and prevent financial crimes. With its advanced technology and expertise, Shufti Pro provides accurate and reliable identity verification solutions for customers worldwide.