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Namibian Financial Institutions Must Meet Stringent Know Your Customer (KYC) Requirements

Overview of Regulatory Obligations

Windhoek, Namibia - The Namibian Financial Intelligence Act of 2012 and the Prevention and Combating of Terrorist and Proliferation Activities Act of 2014 have imposed strict obligations on Accountable and Reporting Institutions (AIs and RIs) in the country to screen their clients and determine their risk profile.

Screening Requirements

According to the regulations, AIs and RIs must continuously screen their individual and entity clients - including all beneficial owners and persons acting on behalf of the client - for compliance with United Nations sanctions. This means that all clients must be screened every time changes to sanctions lists are published in the Government Gazette.

Failure to Comply with KYC Requirements Can Result in Severe Consequences

Non-compliance with the KYC requirements can result in severe consequences, including fines and reputational damage. As a result, AIs and RIs must take proactive steps to ensure that they are meeting their obligations under the regulations.

Importance of Proactive Compliance

  • Fines and reputational damage
  • Risk of non-compliance with regulatory requirements
  • Potential for financial loss and legal action

KYC Namibia Offers Comprehensive Screening Services

To assist AIs and RIs in complying with their due diligence and anti-money laundering requirements, KYC Namibia offers a client list filtering system.

Benefits of Using the KYC Namibia Service

  • Comprehensive screening of clients for sanctions compliance and money laundering risks
    • Identification of Politically Exposed Persons and adverse media
    • Investigation of involvement in criminal activities such as fraud, money laundering, trafficking, terrorism, corruption, and organized crime
  • Delivery of a report on all search query results to print or retain for compliance purposes
  • No installation of software or infrastructure required

Contact KYC Namibia for More Information

For more information about the KYC Namibia service and how it can help AIs and RIs comply with their due diligence and anti-money laundering requirements, please contact: