Financial Crime Scrutiny Intensifies in Namibia’s Fintech Sector

Namibia’s growing fintech industry is under increasing scrutiny as the country’s financial watchdog, NAMFISA, steps up efforts to combat financial crime and money laundering.

Heightened Focus on Compliance

NAMFISA has heightened its focus on combating financial crime and money laundering in Namibia’s fintech sector. The AML & Inspections department at NAMFISA is tasked with ensuring compliance with key anti-money laundering and counter-terrorism financing laws, including:

• Financial Intelligence Act of 2012
• Prevention and Combating of Terrorist and Proliferation Activities Act of 2014

The agency employs a risk-based approach to monitor and enforce adherence by all accountable institutions under its supervision.

Collaborative Effort Against Financial Crimes

A collaborative effort between NAMFISA’s AML & Inspections department and the Financial Intelligence Centre aims to combat:

• Money laundering
• Terrorism financing
• Other financial crimes

within Namibia’s borders, safeguarding the integrity of the country’s financial system.

Targeted Inspections for Non-Bank Institutions

The department conducts targeted inspections into non-bank financial institutions when necessary. This move reflects NAMFISA’s commitment to maintaining stability in the sector and preventing potential threats to the country’s financial system.