Namibian Businesses Must Prove Beneficial Ownership or Face Bank Restrictions

The Business and Intellectual Property Authority (BIPA) has issued a crucial notice regarding the Beneficial Ownership (BO) Compliance status of registered businesses in Namibia. According to the notice, all businesses operating a bank account must provide proof of their BO Compliance status to their commercial banks. Failure to do so may result in account restrictions being imposed.

This move aligns with anti-money laundering (AML) regulations and efforts to enhance corporate transparency in Namibia. Beneficial ownership disclosure ensures that businesses are not used for illicit activities such as tax evasion, fraud, and financial crimes.

Businesses are urged to comply promptly by submitting the required documentation to avoid banking disruptions.

For further details and processes on how to submit the beneficial ownership information, you can visit BIPA’s website.

This development underscores the growing emphasis on financial accountability and regulatory compliance within the Namibian business landscape.