Penalties for Non-Compliance with FIA

The Authority exists to supervise financial institutions and financial services and to
advice the Minister of Finance on matters relating to financial institutional and financial
services in terms of the Namibian Financial institution Supervisory Authority Act No.
3 of 2001.
NAMFISA is the designated Anti Money Laundering (AML) / Combatting the Financing
of Terrorism (CFT) Supervisory body for accountable and reporting Institutions under
its jurisdiction in terms of section 35 of the Financial Intelligence Act No. 13 of 2012
(herein referred to as the “FIA”) read with the Namibia Financial Institutions Supervisory
Authority Act, 2001 (Act No. 3 of 2001).
In terms of section 35 of FIA, NAMFISA’s role is to supervise, monitor and enforce
compliance with the FIA, regulations, orders, circulars, notices, determinations and
directives issued in terms of the FIA.
NAMFISA exercises jurisdiction only over accountable and reporting institutions
specified in Schedule 1 and 2 of the FIA.
The penalties for non-compliance with FIA
Failure by these businesses and institutions to comply with the FIA is a criminal offence
and the persons responsible for such businesses and institutions, if found guilty, may be
fined a maximum of N$100 million or 30 years imprisonment, or both the fine and the
imprisonment. Other penalties of non-compliance include:
1. An administrative notice by the Financial Intelligence Centre (“FIC”)
without recourse to a Court; and
2. The FIC may enter into an enforceable undertaking with NAMFISA to
implement any action plan to ensure compliance.
3. FIC may apply to the High Court for an order compelling any or all the
officers or employees of that supervisory body to comply; and
4. In case of a continuing offence, a further fine not exceeding N$50 000 for
each day during which the offence continues after conviction.
NAMFISA Complaints Department: (061) 290 5000 (main) or 290 5133 (Ms Marina
K. Ishidhimbwa) or 290 5207 (Ms Hilka Alberto), Fax: (061) 290 5122; for online
complaints email complaints@namfisa.com.na; visit www.namfisa.com.na or visit us
on the: 6th Floor, Alexander Forbes House, 154 Independence Avenue, Windhoek.
* NAMFISA treats all information obtained from the public
with confidentiality.
Issued by:
Phillip N. Shiimi
CHIEF EXECUTIVE OFFICER

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