Know Your Customer Process in Namibia: Understanding Risks and Compliance Obligations
=====================================================
In accordance with the Namibian Financial Intelligence Act of 2012 and the Prevention and Combating of Terrorist and Proliferation Activities Act of 2014, Accountable and Reporting Institutions (AIs and RIs) are required to screen their clients as part of the risk and compliance screening process.
Sanctions Compliance Obligations
AIs and RIs must fulfill sanctions compliance obligations on an ongoing basis. This means that all clients must be screened continuously every time changes to sanctions lists are published in the Government Gazette.
Why Sanctions Compliance is Important
- Prevents financial institutions from unknowingly supporting terrorist organizations or other malicious activities
- Helps prevent the flow of funds to individuals and entities involved in illegal activities
- Ensures compliance with international regulations and laws
Client Risk Profiling
To determine a client’s risk profile, AIs and RIs must:
Identify Politically Exposed Persons (PEPs)
- Verify the identity of PEPs and assess their involvement in political activities
- Consider the potential risks associated with doing business with PEPs
Consider Adverse Media
- Research public records and media reports for any negative information about a client or its beneficial owners
- Identify any red flags that may indicate a higher risk
Assess Involvement in Criminal Activities
- Screen clients against international sanctions lists
- Check for involvement in criminal activities such as fraud, money laundering, terrorism, and proliferation financing
Let Us Help You: Our Screening Services
KYC NAMIBIA Due Diligence Services offers a client list filtering system to assist persons, including corporates, AIs, and RIs, in complying with due diligence, anti-fraud, anti-money laundering, and “know your customer” compliance requirements. Our system provides:
Software Application
- Access to Dow Jones Risk and Compliance Information through an API
- Ability to perform single and bulk search queries via a search tool
- Closed-access password-protected environment for secure searching
Authorized Access
- Permitted Users can access the system with an internet connection and a password issued by KYC NAMIBIA
- No installation of software or infrastructure required
For more information on our services and how we can assist you in complying with the Know Your Customer process in Namibia, please contact us at: