Namibia

Section 20A(1)-(2) requires regular ML/TF/PF risk assessment, including of new products and technologies before launch. Sections 20A(4)-(5) require a customer acceptance policy and internal programmes approved by senior management, s 20A(6) lists programme contents including an independent audit function, and s 20A(7) requires a management-level compliance officer who is ordinarily resident in Namibia.

Section 21(2) bars establishing a business relationship or concluding a single transaction until the client's identity, the beneficial owner and any agent's authority are established. Section 23(1A) requires a risk profile for each client, updated during ongoing due diligence, and s 24(1) requires information to be kept current and transactions monitored, with duties for high-risk and correspondent banking relationships.

Section 25, as substituted in 2023, requires funds and assets of persons designated by the UN Security Council to be frozen without delay and without prior notice, and the Centre to be told without delay of frozen assets and actions taken. Making funds or financial services available to a designated person, knowing, ought reasonably to know or suspecting the designation, is an offence carrying up to N$100 million or 30 years' imprisonment.

Section 33(1) requires a person who knows or suspects that a transaction or activity involves proceeds of unlawful activity or ML/TF/PF to report it to the Centre promptly, irrespective of size. Section 33(4A) defines 'promptly' as without delay and not later than three days after the suspicion was formed. Tipping off is barred by s 33(3)-(4).