Windhoek — In an effort to combat money laundering, based on the Namibian Financial Intelligence Act (FIA), Standard Bank Namibia is encouraging its clients to contact their nearest branch in order to ensure that their personal documentation is up to date.
Money laundering is described as the process by which criminals conceal the true origin and ownership of the proceeds of their criminal activities by making it appear as though the proceeds were obtained legitimately. In terms of the FIA, which was enacted on December 21, 2012, all financial institutions are required to have certain documentation on record to ensure that they know their customers.
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