The Financial Intelligence Act (FIA)

What is FIA?

• The Financial Intelligence Act, 13 of 2012 (FIA), came into effect 2012 and its aim is to introduce measures to protect the Namibian economy against financial crime, such as money laundering and terrorist financing activities;
• FIA brings Namibia in line with similar legislation in other countries
  
• and international anti-money laundering and combating the financing of terrorism standards; 
  
• FIA further places an obligation on financial institutions, like Nedbank Namibia, to properly identify and verify client information, including where the funds involved in a transaction comes from; and
  
• This is also known as Know Your Client (KYC) information and documentation.
  

What documents does Nedbank from you for FIA purposes?

We will need, among others, the following:

• Your Namibian identity card; and
• A utility bill (such as your water or electricity account) that shows the stand/erf number of your property and your name and address. If you are living with the person who owns or rents the home, he or she should confirm to us in writing the relationship between the two of you, the address and his or her date of birth and identity number. This must be accompanied by an acceptable document showing the name and residential address of this person. 
  

I have submitted FIA documents before - why do you need me to do this again?

• Some of the FIA information and/or documentation that we have may be outdated, illegible or incomplete; and
• FIA, further requires Nedbank to regularly update client information and documentation.
  

If I have not provided all the necessary documents in accordance with FIA, will Nedbank freeze my accounts?

• No, not at this stage. Nedbank will contact you should we need any further FIA documentation, provided we have your latest contact details.

What is required from me as a Nedbank client?

• To provide Nedbank with the necessary FIA information and documentation;
• Please ensure that we have your latest contact details, i.e. telephone number and email address, so that we can contact you should we require further FIA information and/or documentation; and
  
• Visit any branch or contact your relationship manager for more information.
  

How will I know if I need to resubmit my documents for FIA purposes?

• Nedbank will contact you should we need any further FIA documents, provided we have your latest contact details.
  

You say you'll contact me. So what happens if you don't? Are you still going to freeze my accounts?

• Nedbank will make every endeavour to contact you, using the details that are on our files. Should you fail to respond, your accounts will be frozen.
• Please contact your branch or relationship manager to ensure we have your latest contact details.
  

What if I have a business AND a personal account?

• You would need to submit documentation for the business account separately from that for your personal account, because the FIA documentation requirements are different for businesses and legal entities; 
• The information and documentation for business accounts will depend on how your entity has been registered (i.e. as a public company or a listed company); 
  
• Please contact your relationship manager or your nearest branch to obtain a list of the information and documentation requirements for your specific business.
  

What happens if I do not bring in the necessary documents?

• If you fail to provide the necessary FIA information and documentation to Nedbank once these have been requested, Nedbank may freeze your account following an account restriction process, which involves communicating the possible restriction of your account to you.
  

What documents would be acceptable as proof of residential address?

You can provide any of the documents below showing your name and residential address. Unless otherwise stipulated, the documents must show your full residential address and not a post box address:

• A utility bill, such as for water, electricity or rates (less than three months old);
• A bank statement or financial statement from another financial institution, i.e. not within Nedbank Group (less than three months old);
  
• A copy of a signed lease agreement (by both parties), (less than one year old);
  
• A municipal rates and taxes invoice (less than three months old). A mortgage statement from another financial institution, i.e. not within Nedbank Group (less than six months old). A telephone account, i.e. a landline or cell phone account (less than three months old); 
  
• An official tax return/tax assessment (less than one year old). Official correspondence from the Namibian Revenue Services ('NRS') (less than three months old);
  
• A recent life insurance policy (less than three months old) issued by an insurance company;
  
• Correspondence from a body corporate (less than three months old);
  
• A valid television licence document;
  
• A recent short-term insurance policy document or a short-term insurance renewal letter (less than one year old);
  
• A retail account statement/invoice (less than three months old). Where the person lives in any other type of residence (e.g. hostel/barracks), a letter from the administration department of such residence on an official letterhead; and
  
• A letter from a tribal chief where the person lives.
  

Why can't I update my details online and fax/email through the documentation?

• Confirmation of your identity number and any address change can be done only at a branch as we need to see your original identity document to verify same and satisfy the requirements of FIA. These documents can also be presented to your relationship manager face to face.

How will you contact me?

• We will contact you by telephone or email based on the contact details we have. Please ensure that your contact details are updated.

Can I send someone else to submit my FIA documentation?

• No you cannot. We need to verify your identity, therefore you need to be present at the branch or your relationship manager.