banking regulations

FNB Namibia freezes accounts over KYC non-compliance

The First National Bank (FNB) Namibia has started freezing the accounts of customers who fail to comply with Know Your Customer (KYC) regulations, leaving some clients frustrated over the lack of access to their funds. The move is part of the bank’s obligation to adhere to the Financial Intelligence Act and other regulatory requirements aimed at preventing financial crimes. FNB Namibia’s spokesperson, Kirsty Watermeyer, said that freezing accounts […]

February 28, 2025 84

Business / Economics

Bank of Namibia Affirms Financial Stability Following Recent Review

Naufiku Hamunime, the Acting Director of Strategic Communications and International Relations, shared updates from the Bank of Namibia’s Macro Prudential Oversight Committee. After their December 5th meeting, she confirmed that the financial system remains stable, with both banking and non-banking sectors maintaining sufficient capital and liquidity to handle potential losses.

December 13, 2024 36