Suspicious Transactions

Causes of Compulsive Buying Disorder

The reporting of Suspicious Transaction Reports (STRs) and Suspicious Activity Reports (SARs) is one of the most effective tools in the fight against money laundering and the financing of terrorism. The more of these reports are submitted to the Financial Intelligence Centre (FIC), the lower the risk posed to Namibia’s financial system.

According to Regulation 22 of the Financial Intelligence Act (FIA), a suspicious transaction or activity must be reported within 15 working days after the suspicion or belief arises. This deadline can only be extended if written approval is obtained from the FIC.
What Constitutes a Suspicion?
A suspicious transaction is one that raises red flags, causes discomfort, or prompts doubt based on observed behavior or transaction patterns.

Suspicion can arise when:
  • The transaction does not fit the normal business or customer profile;
  • The source of funds is unclear or unusual;
  • The transaction lacks a clear economic or lawful purpose;
  • Several minor unusual behaviors collectively raise concern.
Context is crucial. A single transaction may not appear suspicious in isolation, but when viewed together with other factors, it may warrant concern.
Who Is Required to Report?
Section 33 of the FIA places an obligation on any individual involved in a business who knows, suspects, or reasonably should know that a transaction is linked to money laundering, terrorist financing, or is unusual, to report it to the FIC.

This includes:
  • Business owners
  • Managers or supervisors
  • Employees
  • Company directors
  • Board secretaries
  • Independent contractors
Why Must You Report?
By reporting suspicious or unusual transactions:
  • You help protect Namibia’s financial system from being exploited for criminal activity;
  • Your business reduces its exposure to legal and reputational risk;
  • You contribute to a safer economic environment for everyone;
  • You help authorities detect, investigate and prevent financial crimes.
How to Submit a Suspicious Transaction Report (STR)
In terms of Regulation 20 of the FIA, STRs and SARs must be submitted electronically using the goAML system, accessible at: www.fic.na/goAML

If you cannot submit electronically, reports may be submitted in exceptional cases using Annexures 1 and 2 of the Regulations via:
  • Fax: +264 61 2835687 / 6918 / 5922
  • Hand delivery: 71 Robert Mugabe Avenue, Windhoek
Is the Reporter Protected?
Yes. In terms of Section 50(2) of the FIA:
  • The identity of the person making the report is protected;
  • The information submitted is confidential;
  • Disclosure is only permitted where necessary to assist the FIC in its investigations.
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