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Financial Intelligence Units in Namibia: A Shield Against Financial Crime
In an effort to protect the Namibian economy from financial crime, such as money laundering and terrorist financing activities, the Financial Intelligence Act (FIA) came into effect in 2012. The FIA aims to bring the country in line with international anti-money laundering and combating the financing of terrorism standards.
What is the FIA?
The FIA places an obligation on financial institutions, such as Nedbank Namibia, to properly identify and verify client information, including the origin of funds involved in a transaction. This is also known as Know Your Client (KYC) information and documentation.
Documents Required for FIA Purposes
Nedbank requires clients to provide certain documents, including:
- Their Namibian identity card
- A utility bill showing their name and address
- In some cases, additional documentation may be required, such as:
- Proof of residential address
- Business registration details
Why Do I Need to Provide Additional Documents?
The FIA requires financial institutions to regularly update client information and documentation. Some documents previously provided may be outdated, illegible or incomplete, necessitating the need for new submissions.
What Happens if I Fail to Provide Necessary Documents?
If a client fails to provide necessary FIA information and documentation, their account may be frozen following an account restriction process. This involves communicating the possible restriction of the account to the client.
How Will I Know if I Need to Resubmit My Documents?
Nedbank will contact clients should they require any further FIA documents, provided that they have up-to-date contact details on file.
What If I Have a Business and Personal Account?
Clients with both business and personal accounts are required to submit separate documentation for each account, as the FIA requirements differ for businesses and legal entities. Additional information may be required depending on how the entity has been registered.
Additional Information
For more information or assistance with submitting FIA documents, clients can:
- Visit any Nedbank branch
- Contact their relationship manager