Financial Crime World

Compliance and Regulatory Issues in Finance in Namibia: A Constant Challenge

In a rapidly evolving regulatory environment, financial institutions in Namibia must navigate a complex web of rules and regulations to ensure compliance. The Payment Systems Management Act, 2003 (Act 18 of 2003) and its amendments set the guidelines for managing the National Payments System (NPS), organizing standards, and governing payment obligations.

Challenges Faced by Financial Institutions

  • Navigating a complex web of rules and regulations to ensure compliance
  • Staying up-to-date with changing regulatory environment

The Role of Regulatory and Compliance Department at Pan Africa Network (PAN)

The Regulatory and Compliance Department at PAN plays a crucial role in developing and maintaining the legal, risk, compliance, and disputes framework. Led by Manager Saima Herman, the department is responsible for:

  • Monitoring compliance with various rules and regulations
  • Participating in and controlling change control procedures
  • Registering and authorizing non-system participants as service providers
  • Setting requirements and conditions for participation
  • Ensuring that all parties adhere to strict standards

Team Members

The team consists of:

  • Manager Saima Herman
  • Payments Analysts Mbapeua Kauuova and Thomas Hamata

Key Tasks

  • Staying ahead of the compliance curve
  • Maintaining PAN’s reputation as a leading financial institution

Quotes from Manager Saima Herman

“The regulatory environment is constantly evolving, so our target is always moving. We must stay up-to-date to ensure that PAN remains compliant and maintains its reputation as a leading financial institution.”

Contact Information

For more information on PAN’s Regulatory and Compliance Department or to report any compliance issues, please contact: