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New Management Appointments to Face Tougher Fit and Proper Criteria

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Namibia Financial Institutions Supervisory Authority (NAMFISA) Introduces Stringent Standards for Key Personnel

Windhoek, Namibia - In a move aimed at enhancing the integrity of the financial sector, NAMFISA has introduced a new policy that will see key personnel undergo rigorous Fit and Proper assessments before assuming management positions.

New Policy Requirements

The policy requires all new appointees to meet strict standards set by the Financial Intelligence Act (FIA), which includes:

• Demonstrating good character
• Having no criminal record
• Possessing sufficient knowledge and experience in their field

Assessment Process

The assessment process is designed to be risk-sensitive, with high-risk or complex assessments receiving more time and resources. Key personnel who fail to meet the Fit and Proper requirements will be prevented from entering the market, while those who become unfit after market entry will be eligible for listing on the debarment register.

Outreach and Awareness

In an effort to promote understanding and effective implementation of AML/CPF obligations, NAMFISA has launched a comprehensive outreach program. The program aims to educate key stakeholders on the importance of preventing money laundering, terrorist financing, and proliferation financing (ML/TF/PF). Through this initiative, NAMFISA will:

• Provide typologies on the manifestation of ML/TF/PF risks in sectors under its supervision
• Issue directives to financial institutions to ensure compliance with FIA obligations

Supervision

NAMFISA has also increased its supervisory efforts by conducting risk-based on-site and off-site inspections. The authority will use a risk-based approach to determine the intensity of inspections, with high-risk institutions receiving more frequent monitoring.

Here is NAMFISA’s table of inspection frequencies:

Conclusion

NAMFISA’s new policy and supervisory efforts are designed to enhance the integrity of the financial sector by ensuring that key personnel meet strict Fit and Proper standards and that financial institutions comply with AML/CPF obligations. The authority’s commitment to preventing ML/TF/PF risks will undoubtedly contribute to a more stable and secure financial system in Namibia.

Contact

For more information, please contact [Name], Public Relations Officer at NAMFISA, on [Phone number] or [Email address].