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.
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.
