Windhoek — Standard Bank Namibia says it supports local and global efforts to combat money laundering and the financing of terrorist activities.
According to the bank's Manager of Compliance, Amon Ngavetene, money laundering and the financing of terrorism are financial crimes with economic effects, which can threaten the stability of a country's financial sector. Effective anti-money laundering efforts and combating the financing of terrorist activities are essential to protect the integrity of markets, as well as the global financial framework, according to Ngavetene.
"Standard Bank's approach to combating money laundering and the financing of terrorism would involve terminating business relationships or transactions where there appears to be a risk of its services being abused for financial crimes," Ngavetene says. Standard Bank Namibia already has an anti-money laundering policy in place, which sets out the scope and framework within which the bank operates. The implementation of the policy consists of the following programmes: customer acceptance; record-keeping; suspicious and unusual transactions reporting and co-operation with relevant authorities; staff training and awareness, as well as the monitoring of relevant processes and procedures. "Standard Bank Namibia complies with the Financial Intelligence Act 13 of 2012, which aims to prevent money laundering and terrorism financing," says Ngavetene. "We are committed to combating all forms of financial crimes, which abuse banking systems. We fully support the Financial Intelligence Centre, which has the regulatory power to control and eradicate money laundering and terrorist financing," emphasised Ngavetene.