Companies urged to submit Beneficial Ownership Information

• By Martha Nangombe

The Bankers Association of Namibia and the Namibia Savings and Investments Association (NASIA) are urging immediate compliance with Beneficial Ownership (BO) information requirements.

Recently mandated by the Financial Intelligence Centre (FIC) and the Business and Intellectual Property Authority (BIPA), the submission of BO information is paramount for fostering transparency and ensuring regulatory adherence in Namibia’s business environment and for the eventual removal of Namibia from the Financial Action Task Force’s (FATF) grey list.

FIC and BIPA have outlined directives specifying the submission of BO information by legal entities. Despite BIPA’s Registrar Directive 01 of 2023 and Directive 01 of 2024 raising concerns among the affected entities, BIPA has taken steps to alleviate uncertainties. With Directive 03 of 2024 issuance, penalties were withdrawn, and submission deadlines were reiterated.

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