Regulatory Alerts1998-10-21
Added · Updated
Bank of Namibia Circular BIA 11/98 on Year 2000 Compliance
The Bank of Namibia requires all banking institutions to mitigate Year 2000 computer risks and mandates compliance testing of mission-critical systems by October 1998, with internal system testing completed by December 1998 and industry-wide testing by June 1999. Boards of directors must submit a progress report by 31 December 1998, written confirmation of mission-critical system renovation upon completion, and final certification upon project completion. Institutions failing to comply may face prohibitions on advancing further loans, and the Bank reserves no liability for Y2K-related failures.
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