Financial Intelligence Centre of Namibia updates transaction rules for gambling sector

The Namibian government has issued a new determination under the Financial Intelligence Act, 2012, through the Financial Intelligence Centre (FIC), addressing transaction identification requirements for casinos, gambling institutions, and other accountable entities. Published in the Government Gazette on September 27, 2024, the update came into effect on October 1, 2024.

Under the new rules, the financial threshold above which accountable and reporting institutions must verify the identity of clients has been raised from N$5,000 to N$10,000 for most sectors, reflecting the evolving maturity of Namibia's risk management systems. However, the threshold for casinos and gambling institutions remains unchanged at N$25,000.

The FIC also emphasized that multiple related transactions should be considered a single transaction when determining whether the identification threshold has been met. This measure is aimed at preventing attempts to avoid detection by breaking up larger transactions into smaller amounts.

These new requirements are part of Namibia’s broader efforts to strengthen its Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) frameworks. Institutions across the financial sector are encouraged to align their practices with these updated regulations, ensuring that proper identification and monitoring measures are in place to mitigate the risks of financial crime in casinos and other high-risk sectors.

The FIC reminds all institutions to continue monitoring transactions below the identification threshold to ensure compliance with sanctions screening and other regulatory obligations, especially when there is a suspicion of money laundering or other illicit activities.