Risk Assessment: A Must for Financial Institutions in Namibia
In light of the Namibian Financial Intelligence Act of 2012 and the Prevention and Combating of Terrorist and Proliferation Activities Act of 2014, financial institutions in Namibia are required to conduct thorough risk assessments on their clients. This includes screening individual and entity clients for compliance with United Nations sanctions and determining their risk profile.
Regulatory Requirements
According to regulations, accountants, auditors, estate agents, and legal practitioners must screen all clients for sanctions compliance, not just those involved in specific activities listed under the Financial Intelligence Act. Similarly, only clients from listed activities need to be screened to determine a risk profile for money laundering and terrorist financing purposes.
Continuous Monitoring and Screening
To comply with these regulations, financial institutions must continuously monitor their clients’ activities and transactions, as well as screen them against international sanctions lists published in the Government Gazette.
Key Risk Assessment Factors
- Identify Politically Exposed Persons
- Consider adverse media reports
- Investigate any involvement in criminal activities such as:
- Fraud
- Money laundering
- Trafficking
- Terrorism
- Corruption
- Organized crime
Compliance Solution
To help financial institutions navigate these complex regulations, KYC NAMIBIA offers a client list filtering system that assists with due diligence, anti-fraud, anti-money laundering, and “know your customer” compliance requirements. The system is an in-house solution owned and operated by KYC NAMIBIA, which provides authorized subscribers with access to Dow Jones Risk and Compliance Information.
System Features
- Single and bulk search queries via a search tool
- Receive reports on search query results for compliance purposes
Contact Us
For more information, contact KYC NAMIBIA at: