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Fraudulent Activity Reporting Requirements in Namibia

In a bid to combat financial crimes, the Financial Intelligence Centre (FIC) of Namibia has introduced new requirements for reporting suspicious activity and attempted transactions. The centre has issued a comprehensive form, known as the Suspicious Activity Report (SAR), which all institutions and individuals are required to complete and submit whenever they suspect or encounter any unusual activities.

Disclosure Prohibition

It is essential to note that under Section 33 of the Financial Intelligence Act, Act No.13 of 2012, read with Regulation 20, 21, and 22 of FIA, reporting suspicious activities and attempted transactions is mandatory. Furthermore, it is an offense punishable by law for any person to disclose to another individual that a disclosure has been submitted to the Financial Intelligence Centre.

Reporting Requirements

The SAR form requires institutions and individuals to provide detailed information about the suspected activity or attempted transaction, including:

• Particulars of the reporting entity
• The compliance officer
• Action taken after suspicion was formed
• Indicators of suspicious activity, such as:
  • Unusual patterns of transactions
  • Discrepancies in financial records
  • Other red flags

Confidentiality

All reports submitted to the FIC are confidential and subject to strict safeguards to ensure the integrity and security of the information provided. The centre has also established a dedicated helpdesk to provide assistance and guidance on the reporting process.

Penalties for Non-Compliance

Failure to report suspicious activity or attempted transactions, as required by law, can result in severe penalties, including:

• Fines
• Imprisonment

It is therefore essential that all institutions and individuals take their reporting obligations seriously and comply with the requirements set out in the SAR form.

Contact Information

For more information on the reporting requirements, institutions and individuals are advised to contact the FIC Helpdesk at: 061 – 283 5287/5100 or via email at helpdesk@fic.na