Financial Crime World

Fighting Money Laundering in Namibia: AML KYC Procedures for Different Clients

In accordance with the Financial Intelligence Act (Act 3 of 2007) and its complementing Regulations, all accountable institutions in Namibia are legally obligated to adhere to strict Know Your Customer (KYC) procedures to prevent money laundering. Here is a quick reference guide outlining the minimum identification information that accountable institutions must collect and verify from different types of clients.

KYC Procedures for Natural Persons - Namibian Citizens and Residents

  • Full name
  • Nationality
  • Identification Information: Preferably a Namibian Identity Number or Passport Number
  • Address
  • Contact particulars
  • Occupation or source of income
  • Nature and location of business activities
  • Source of funds involved in the transaction
  • Verification documents: Namibian identity document, valid Namibian passport, or other reliable document

KYC Procedures for Natural Persons - Non-Citizens and Non-Residents

  • Full name
  • Nationality
  • Identification Information: Passport number, foreign national identity number, or date of birth
  • Address: Residential address in country of origin and physical address in Namibia
  • Contact particulars
  • Occupation or source of income
  • Nature and location of business activities
  • Source of funds involved in the transaction
  • Verification documents: Foreign national identity document or passport, birth certificate, or reliable document

KYC Procedures for Companies and Close Corporations (Incorporated inside or outside Namibia)

  • Registered name or title
  • Country of incorporation
  • Address: Physical address in Namibia and registered address outside Namibia (if applicable)
  • Company Registration Number
  • Nature of business
  • Income tax or VAT registration numbers
  • Contact details
  • Identification information of key officials
  • Verification documents: Articles and Memorandum of Association, Certificate to commence business, Certificate of Incorporation, Registration certificate, identification verification documents

Accountable institutions in Namibia are required to adhere to these regulations and verify client identities before conducting business to maintain the stability of the Namibian economy and discourage money laundering. For more detailed information about AML Compliance Programs and the obligations of accountable institutions, contact the Financial Intelligence Centre (FIC) at +264 61 283 5100, +264 61 283 5259, or visit their website at www.fic.com.na.

Let us join forces to fight money laundering in Namibia. 🇳🇦🤝