Penalties for Non-Compliance with FIA

NAMFISA's Role in Combating Money Laundering & Terrorism Financing

The Namibia Financial Institutions Supervisory Authority (NAMFISA), established under Act No. 3 of 2001, supervises financial institutions and advises the Minister of Finance on financial matters. NAMFISA also serves as the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) supervisor for all accountable and reporting institutions under its jurisdiction, as outlined in Section 35 of the Financial Intelligence Act (FIA) No. 13 of 2012.
Responsibilities Include:
  • Monitoring and enforcing compliance with the FIA and its directives
  • Supervising only those institutions listed in Schedules 1 and 2 of the FIA
  • Collaborating with the Financial Intelligence Centre (FIC) on compliance matters
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