Financial Crime World

Namibia’s Fight Against Money Laundering: A Guide to Identifying and Verifying Businesses

As part of its efforts to combat money laundering in the country, the Bank of Namibia has issued guidelines on how to identify and verify businesses operating in Namibia.

Identifying and Verifying Businesses

The guidelines require all financial institutions to collect and verify certain information about businesses, including:

  • Nature of business
  • Income tax or VAT registration numbers
  • Contact details
  • Identification information of natural persons authorized to act on behalf of the business

Specific Documentation Requirements

The following types of businesses must provide specific documentation:

Close Corporations

  • Certificate of Incorporation
  • Founding Statement or Amended Founding Statement
  • Document of authorization to act on behalf of the CC
  • Identification verification documents of all natural persons authorized to act on behalf of the CC

Partnerships

  • Partnership agreement
  • Identification verification documents of all partners and persons who act or purport to act on behalf of the partnership
  • Documents of authorisation to act on behalf of the partnership

Trusts

  • Deed of Trust or other founding instrument in terms of which the Trust was created
  • Registration Certificate issued by the Master of the High Court (if registered in Namibia)
  • Identification documentation for trustees, beneficiaries, founder and all natural persons purporting to act on behalf of the trust

Associations and Other Entities

  • A Constitution or any other document that can reasonably verify any of the information obtained
  • Registration certificate of relevant authority (if any)
  • Document of authorization to act on behalf of the entity or association
  • Identification documentation of all natural persons who act or purport to act on behalf of the entity or association

Verifying Natural Persons

The guidelines also require financial institutions to collect and verify specific details about each natural person authorized to act on behalf of a business, including:

  • Full name
  • Residential address
  • National identity number or passport number or date of birth

Importance of Compliance

Money laundering is a serious crime that affects the stability of the Namibian economy. The guidelines are aimed at ensuring that financial institutions comply with anti-money laundering regulations and prevent the misuse of the financial system for criminal activities.

Additional Resources

For more information on the guidelines, please contact the Bank of Namibia’s Financial Intelligence Centre Helpdesk at fichelpdesk@bon.com.na or visit their website at www.bon.com.na.