Regulatory Alerts2020-06-19
Bank of Namibia Determination on the Fit and Proper Test for Substantial Shareholders
The Bank of Namibia has issued a formal determination establishing the assessment framework and criteria for evaluating whether existing and prospective substantial shareholders of banking institutions and controlling companies are fit and proper. The regulation mandates that institutions submit specific documentation, including identification, financial statements, and police clearance, at least thirty days prior to any share transfer or allotment, alongside mandatory triennial compliance updates. Assessments focus on good character, financial solvency, and regulatory standing, with the Bank retaining authority to apply remedial measures for non-compliance or to reject applications that do not serve national economic interests.
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