Regulatory Alerts2002-06-05
Bank of Namibia Money Laundering Circular
The Bank of Namibia issued this interim circular to require all domestic banking institutions to establish written anti-money laundering policies, train staff, and implement robust customer identification procedures. Financial institutions must verify the sources of funds, maintain detailed transaction records, and submit a Suspicious Activities or Transactions Report (SATR) to regulators within five business days of identifying suspicious activity. The guidance places primary compliance responsibility on boards of directors and management, mandating strict record-keeping and confidentiality while clarifying that institutions remain fully liable for losses resulting from undetected money laundering.
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