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Financial Intelligence Centre Issues Circular on Reporting Suspicious Transactions in Namibia

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The Financial Intelligence Centre (FIC) has issued a circular to all Accountable Institutions (AIs) and Reporting Institutions (RIs) in Namibia, outlining their obligations to report suspicious transactions related to financing of terrorism and proliferation.

Obligations of AIs and RIs

According to the circular, AIs and RIs are required to:

  • Screen names of all new and existing clients against lists of designated individuals, entities, and groups provided by the United Nations Security Council.
  • Continuously familiarize themselves with updates made by the United Nations Security Council.

Screening Process

If a potential match is identified during screening, enhanced customer due diligence measures must be conducted. If a positive match is determined, the FIC must be notified immediately. Failure to do so can result in an offense under sections 2, 3, and 23 of the Prevention and Combatting of Terrorist and Proliferation Activities Act.

Reporting Suspicious Transactions

The circular outlines methods for reporting Suspicious Transaction Reports or Suspicious Activity Reports relating to Financing of Terrorism to the FIC through:

  • Electronic submission
  • Manual completion of a STR/SAR form

Consequences of Non-Compliance

Non-compliance with the provisions of this circular is an offense under section 63 of the Financial Intelligence Act.

Key Points

  • AIs and RIs must screen names of all clients against UN Security Council lists.
  • Enhanced customer due diligence measures must be conducted for potential matches.
  • Failure to report suspicious transactions can result in an offense under sections 2, 3, and 23 of the Prevention and Combatting of Terrorist and Proliferation Activities Act.
  • Reports can be submitted electronically or manually through a STR/SAR form.
  • Non-compliance with circular provisions is an offense under section 63 of the Financial Intelligence Act.

For More Information

Contact the FIC Help Desk at: