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NAMFISA Appoints New Key Persons, Ensures Fit and Properness

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has appointed new key persons to various positions within the financial sector. As part of its responsibility to ensure that these individuals are fit and proper to perform their duties, NAMFISA conducts thorough assessments to determine whether they meet the necessary standards.

Fit and Proper Policy

The Fit and Proper Policy outlines the criteria used by NAMFISA to assess key persons. The policy takes into account factors such as:

  • Character
  • Reputation
  • Competence
  • Financial soundness

Key persons who do not meet these requirements are prevented from entering the market or continuing to operate in the sector.

Rigorous Screening Process

NAMFISA also has a rigorous screening process for new key persons, which involves checking their backgrounds and credentials. The agency works closely with other authorities to ensure that only individuals who are fit and proper are allowed to participate in the financial sector.

Promoting Understanding of Anti-Money Laundering Obligations

In addition to appointing new key persons, NAMFISA is responsible for promoting understanding and effective implementation of anti-money laundering (AML), combating the financing of terrorism (CFT), and combating proliferation financing (CPF) obligations among accountable institutions under its supervision. The agency achieves this through various outreach and awareness programs, including industry-specific initiatives.

AML and Inspections Department

NAMFISA’s AML and Inspections department provides input and articles for publication to promote public education on financial matters. The agency also conducts risk-based onsite and offsite inspections to verify that financial institutions under its supervision are adequately implementing preventative measures consistent with the Financial Institutions Act (FIA).

Frequency of Inspections

The frequency of inspections depends on the institution’s ML/TF/PF risk profile, with:

  • High-risk institutions inspected every year
  • Medium-high-risk institutions inspected every two years
  • Low-risk institutions inspected every three years

Maintaining Integrity of the Financial Sector

NAMFISA’s efforts to ensure that key persons are fit and proper help maintain the integrity of the financial sector and protect the interests of consumers. The agency remains committed to its mandate of supervising and regulating financial institutions in Namibia.