Namibia’s AML KYC Regulations: Unraveling Identity Verification Requirements

In a endeavor to combat money laundering and financing of terrorism, the Bank of Namibia established comprehensive regulations - Namibia-AML KYC Regulations. These regulations impose duties and safeguards on both legal and natural persons. In this article, we aim to provide an overview of the identity verification requirements set forth in Namibian laws and guidelines.

Scope

The Namibia-AML KYC Regulations document is essential for anyone looking to understand the specific identity verification requirements in Namibian laws. Below we provide an overview of these requirements.

Definitions

Before we delve into the requirements, let’s define key terms used:

1. Client: Shufti Pro’s customer
2. Customer: The Client’s end-user
3. End-user: A Client’s customer from Shufti Pro’s perspective
4. Document Verification: The process of validating the authenticity of government-issued identity documents
5. Identity Verification: The process of confirming an individual’s identity
6. Proof of Identity: Government-issued documents used to identify a natural person
7. Enhanced Due Diligence: Additional scrutiny for higher-risk customers

Requirements

The regulations outline the following due diligence requirements, which necessitate identity verification:

1. Identity Verification Based on Name and Address
2. Compliant Customer Due Diligence (CDD) Methods
   • Document verification
   • Live video sessions
3. Required Documents for Verification
   • Identity Card
   • Passport
   • Driving License
4. Addressing Verification Methods
   • Utility bills
   • Government-issued documents

Politically Exposed Persons (PEPs)

The regulations also give specific attention to the identification and verification of Politically Exposed Persons (PEPs) and their associates. This necessitates enhanced due diligence measures.

External Third-Party Services

The regulations also allow the utilization of external third-party services to ensure due diligence processes are executed effectively.

Documentation and Data Retention

Proper documentation and retention of data for at least five years is essential to meet AML and KYC obligations.

Conclusion

As with all regulatory compliance matters, it’s important to consult the definitive text of the regulations and guidelines for the most accurate and up-to-date information. This brief overview aims to provide a general understanding of identity verification requirements in Namibia.