Companies urged to submit beneficial ownership Information
The Bankers Association of Namibia and the Namibia Savings and Investments Association are calling on all companies to comply with beneficial ownership (BO) information requirements.The BO information requirements were recently issued by the Financial Intelligence Centre (FIC) and the Business and Intellectual Property Authority (Bipa), calling for all companies, including accountable and reporting institutions, to submit information promptly.
Submission of this information is crucial for promoting transparency, ensuring regulatory adherence in Namibia’s business environment, and the eventual removal of Namibia from the Financial Action Task Force’s (FATF) grey list.
FIC and Bipa had issued directives regarding the submission of BO information by legal entities. To address confusion, Bipa issued Directive 03 of 2024, withdrawing penalties and reiterating submission deadlines. All existing companies and close corporations must have up-to-date BO information submitted on the required forms by 7 September to avoid potential penalties and de-registration.
Serious implications
Failure to comply with FIC and Bipa directives may result in placement on an inactive list, administrative sanctions, criminal penalties, and deregistration after six months. This could have serious implications for both the banking and non-banking financial sectors, as well as the economy at large.
It is therefore essential for entities to adhere to these directives to ensure compliance with legal requirements and avoid any operational disruptions. In line with FIC’s AML/CFT/CPF framework, all entities identified as accountable and reporting institutions in Schedules 1 and 3 of the FIA must take the necessary measures to uphold the framework, which may include restricting access to accounts held by any entity identified as being non-compliant with the Bipa directive. For further guidance and clarification, affected entities are advised to contact Bipa.
For more information on the submission of beneficial ownership information and compliance with FIC and Bipa directives, please visit the Bipa website at www.bipa.na or contact the Bipa office directly at [email protected] or 264 61 299 4400.