Bank of Namibia (BoN) has extended the deadline to become Financial Intelligence Act (FIA) compliant to October 5th to allow more clients to provide the required information and documents.
As such, Bank Windhoek's chief compliance officer, Almarie Bartsch, reminds alltheir clients that; “Should the banks not be in possession of the required documentation by the set deadline, they will have to suspend such accounts until they receive the required information.”
The FIA, which was gazzeted by the Namibia government in 2009, is aimed at combating money laundering in Namibia. Money laundering is the act of disguising or concealing the proceeds of criminal business activities. The 2009 Act was, however, repealed and replaced by the Financial Intelligence Act; Act 13 of 2012.
Bank Windhoek ran an information campaign in this regard [since 2009] using various communication channels, such as client statements, client newsletters, the Bank Windhoek website, the Money Matters newspaper column and booklets. These media tools would be handed out to clients at all the bank's 53 branches and agencies countrywide.
A Financial Intelligence Act Compliance Reference Guide booklet is currently available in all Bank Windhoek branches nationwide, as well as on the bank's website (www.bankwindhoek.com.na).
For more information on the Act, contact the Financial Intelligence Centre at BoN on (061) 283 5100.