Namibia Introduces Amendments to Fight Money Laundering and Terrorism Financing: What You Need to Know

The Financial Intelligence Centre (FIC) in Namibia has introduced new regulations to combat money laundering and terrorism financing. These regulations require institutions supervised by the Financial Surveillance Unit (FSU) to register with the centre. In this article, we’ll break down what you need to know about these changes.

Registration Requirements

According to section 39(2) of the Financial Intelligence Act (FIA), only registered institutions will be allowed to make reports to the FIC. To comply with this requirement, persons and institutions are advised to register their particulars in order to gain access to the electronic system.

Reporting Requirements

Reports submitted to the FIC must be made in a format specified by the centre and must be submitted electronically through the internet-based reporting portal provided for this purpose.

• Reports must be submitted electronically through the internet-based reporting portal.
• The reports must be in a format specified by the FIC.

Technical Assistance

The FIC has established a helpdesk to provide technical assistance on the goAML application. You can contact them at:

+264 61 283 5243 helpdesk@fic.na

If you have registration enquiries, please direct them to:

register@fic.na

What You Need to Do

In light of these new regulations, institutions supervised by the FSU are urged to take immediate action to ensure compliance with the reporting requirements. Failure to do so may result in severe penalties and reputational damage.

The FIC is committed to working closely with all stakeholders to prevent money laundering and terrorism financing in Namibia. Take action today to ensure your institution’s compliance with these new regulations.