Namibian Policyholders Must Comply with Strict Know Your Customer Requirements

Introduction

In accordance with the Financial Intelligence Act (FIA) of 2012, all insurance companies operating in Namibia are required to establish and verify the identity of their policyholders. Hollard Insurance, a leading provider in the country, is no exception.

What Does This Mean for Policyholders?

• In terms of the FIA, Hollard must obtain identification records from its policyholders.
• Additional information must also be collected and kept up to date on an ongoing basis.
• Failure to comply can result in severe penalties.

Making Compliance Easier

To simplify the process for their clients, Hollard has partnered with IdentityToday, a secure digital platform that allows policyholders to submit their identification records and information electronically. The benefits of this partnership include:

• Quick and simple process: Completing the verification process takes no more than three minutes.
• Strict confidentiality: All submitted information is treated confidentially.

How Does it Work?

Existing policyholders can log on to the IdentityToday platform using their smartphone and follow the prompts to complete the verification process. This user-friendly system makes compliance easy and hassle-free.

Encouraging Compliance

In an effort to encourage existing policyholders to comply with the FIA, Hollard is offering them the opportunity to use the identity verification system today. By doing so, clients can avoid any potential penalties or fines associated with non-compliance.