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Newsletter - August 2005
Hidas Branch Relocation,
Anti-Money Laundering (AML) campaign
Hidas Branch Relocation
As from 15 August 2005 our Hidas branch relocated to the ground floor next to Pizza Den and opened their doors to the public for business.
Branch Manager - Alice Drotsky will manage the branch with a very dedicated and dynamic team of bankers. The team expressed their profound gratitude towards all the clients that supported them throughout the years and during their move. Whilst settling into their new premises the office staff received several compliments on the new branch. They pledge to assist you better with all your banking needs, as they carry your financial wellbeing at heart.
Please pay the new branch a visit and find out about our products. Some of these are tailor-made to suit your needs perfectly.
Please note that the new numbers for Hidas are as follows:
Alice Drotsky 2952203/2706
Enquiries 2952710
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Anti-Money Laundering (AML) campaign
What is the Financial Intelligence Bill 2004?
Anti-Money Laundering legislation has been enacted throughout the world over the last few years. Although the Bill (which will be the most significant piece of legislation governing the combating of money laundering in our country) is not law yet, Nedbank is already preparing for readiness to comply with the law and not be caught off-guard once the legislation is enacted and comes into force.
The Bill outlines the requirements that must be met by all Accountable Institutions in Namibia (which includes all banks as well as non-bank financial institutions). These requirements set out how such institutions are to establish and verify the identity of their clients. Different regulations apply to different types of clients. Banks may not establish a business relationship or transact with any client until the bank has established and verified the client's identity.
The Bill has also set out requirements for record keeping and procedures in reporting suspicious transactions.
Why Anti-Money Laundering for Namibia?
The Namibian Government ratified a number of Conventions committed in terms of which our country was to fight against money laundering, corruption and the finance of terrorism; i.e. the Vienna convention of 1988, the International Convention for the Suppression of the Financing of Terrorism of 1999, the Palermo Convention of 2000 and also signed (not ratified yet) the Convention against Corruption of 2003. As a result of the aforesaid, Namibia joined a group of 13 countries by becoming a member of the Eastern and Southern African Anti-Laundering Group (ESAAMLG) in a joint effort to put legislative frameworks in place for the region, in support of the objectives of the Conventions ratified.
What are the other Namibian banks doing?
The Bankers' Association of Namibia has joined forces with Bank of Namibia in an effort to set universal standards for the industry. An Anti-Money Laundering committee was formed and tasked to find workable solutions for the banks, in identifying the best possible means to ensure compliance with the law, whilst still being practical given our unique Namibian environment and the nature of our business. As such, all four banks are currently in the process of assessing AML compliance standards.
Nedbank Namibia is currently striving towards achieving a balance whereby the bank is neither too far ahead nor lagging behind the other banks. We would like to be perceived as the champion of AML to the Bank of Namibia, whilst maintaining our competitive edge on the other banks.
Should you require any further details on AML, please do not hesitate to contact Marlene Gous, at 295 2234.
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