Regulatory Alerts2013-07-19
Bank of Namibia Determination on the Imposition of Administrative Fines (BID-25)
The Bank of Namibia issued Determination BID-25 to establish a structured framework for imposing administrative fines on authorized banking institutions and controlling companies that contravene the Banking Institutions Act, 1998. The regulation mandates daily penalties capped at N$100,000 per violation, calculated using a severity-based matrix that evaluates factors such as intent, frequency, customer detriment, and institutional cooperation. It further outlines procedural requirements for fine assessment, grants institutions the right to appeal decisions to an Appeal Board and subsequently the High Court, and takes effect immediately upon publication in the Government Gazette.
Share