{"id":1353,"date":"2017-03-29T13:24:34","date_gmt":"2017-03-29T11:24:34","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?post_type=right_responsibility&p=1353"},"modified":"2025-07-16T12:08:06","modified_gmt":"2025-07-16T10:08:06","slug":"penalties-for-non-compliance-with-fia","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/penalties-for-non-compliance-with-fia\/","title":{"rendered":"Penalties for Non-Compliance with FIA"},"content":{"rendered":"\t\t
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NAMFISA's Role in Combating Money Laundering & Terrorism Financing<\/h3><\/span><\/div>
NAMFISA is mandated to supervise financial institutions and services, and to advise the Minister of Finance, in accordance with the Namibian Financial Institutions Supervisory Authority Act (Act No. 3 of 2001).\n\nAs per section 35 of the Financial Intelligence Act (FIA) No. 13 of 2012, NAMFISA also serves as the designated Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) Supervisory Body for accountable and reporting institutions under its jurisdiction.\n\nNAMFISA is responsible for supervising, monitoring, and enforcing compliance with the FIA and related regulatory instruments. This jurisdiction applies specifically to institutions listed in Schedules 1 and 2 of the FIA.\n\nPenalties for Non-Compliance\nFailure to comply with the FIA constitutes a criminal offence. Individuals responsible may face penalties of up to N$100 million in fines, 30 years imprisonment, or both.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Other penalties of non-compliance include:<\/h5><\/div>
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  • <\/span>1. An administrative notice by the Financial Intelligence Centre (\u201cFIC\u201d) without recourse to a Court;<\/li>
  • <\/span>2. The FIC may enter into an enforceable undertaking with NAMFISA to implement any action plan to ensure compliance.<\/li>
  • <\/span>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;<\/li>
  • <\/span>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<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    <\/h3><\/div>
    NAMFISA Complaints Department: (061) 290 5000 (main) or 290 5133 (Ms Marina\nK. Ishidhimbwa) or 290 5207 (Ms Hilka Alberto), Fax: (061) 290 5122; for online\ncomplaints email complaints@namfisa.com.na; visit www.namfisa.com.na or visit us\non the: 6th Floor, Alexander Forbes House, 154 Independence Avenue, Windhoek.\n* NAMFISA treats all information obtained from the public\nwith confidentiality.\nIssued by:\nPhillip N. Shiimi\nCHIEF EXECUTIVE OFFICER<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    NAMFISA's Role in Combating Money Laundering & Terrorism Financing NAMFISA is mandated to supervise financial institutions and services, and to advise the Minister of Finance, in accordance with the Namibian<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[425],"tags":[],"class_list":["post-1353","post","type-post","status-publish","format-standard","hentry","category-rights-and-responsibilities"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/comments?post=1353"}],"version-history":[{"count":12,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1353\/revisions"}],"predecessor-version":[{"id":35464,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1353\/revisions\/35464"}],"wp:attachment":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media?parent=1353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/categories?post=1353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/tags?post=1353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}