Supervision
Supervision
The Supervision Department is the Financial Intelligence Centre (FIC)’s supervisory arm, responsible for strengthening compliance with AntiMoney Laundering, Countering the Financing of Terrorism, and Countering Proliferation Financing (AML/CFT/CPF) obligations across supervised sectors in Namibia. The Department’s mandate is derived from the Financial Intelligence Act, 2012 (Act 13 of 2012) and is supported by the Financial Intelligence Regulations (GN 3 of 2015).
Since the establishment of the FIC’s supervisory function in 2011/2012, the Supervision Department has exercised oversight over more than 2,000 institutions across multiple sectors. Supervision is supported by enhanced human and financial resources, modern supervisory tools, and a riskbased framework that enables both intensive supervision of higherrisk institutions and broader monitoring across the wider supervised population.
What We Do
The Supervision Department plays a central role in safeguarding the integrity of Namibia’s financial system by:
1. Compliance Assessments
Conducting on site and off site compliance assessments to evaluate AML/CFT/CPF controls, including customer due diligence, ongoing monitoring, record keeping, reporting obligations, governance arrangements, and staff training.
2. Thematic Reviews
Undertaking thematic reviews to help evaluate whether systems are producing the right outcomes, which is a key expectation of the Financial Action Task Force.
3. Remedial Measures
Driving corrective action through remedial measures, supervisory directives, and referrals for enforcement where material deficiencies are identified.
4. Internal Compliance Programmes
Promoting the adoption and effective implementation of internal compliance programmes and minimum standards prescribed in the Regulations, including Regulation 26 and Regulations 15 and 27–29.
5. Registration Management of Institutions
Supporting the registration and de-registration of institutions under the Financial Intelligence Act to ensure effective and accurate supervisory coverage.
How We Do It
The Supervision Department applies a risk based, data driven, and proportionate supervisory approach, ensuring that supervisory intensity is aligned with the level of ML/TF/PF risk present within each sector and institution.
1. Applying a Risk Based Approach (RBA)
Supervisory activities are guided by risk assessments and proportionality principles:
- Higher‑risk sectors and institutions are subject to more frequent engagement, intensive on‑site assessments, and targeted follow‑up actions.
- Medium‑ and lower‑risk sectors are monitored through proportionate off‑site supervision and ongoing data analysis.
- RBA principles inform the selection, frequency, scope, and depth of all supervisory interventions.
2. Strengthening Supervisory Coverage
To enhance supervisory effectiveness , the Department:
- Uses supervisory risk assessment tools and institutional risk logs to identify vulnerabilities and prioritise interventions.
- Aligns supervisory planning with findings from National Risk Assessments (NRAs), Sectoral Risk Assessments (SRAs), and relevant FATF grey‑list action items.
3. Conducting On Site, Off Site, and Thematic Assessments
A combination of supervisory tools is applied to ensure comprehensive coverage:
- On‑site assessments are conducted to perform in‑depth reviews of higher‑risk institutions.
- Off‑site assessments enable efficient monitoring across broader segments of the supervised population.
- Thematic reviews are undertaken to help evaluate whether systems are producing the right outcomes, which is a key expectation of the Financial Action Task Force.
4. Continuous Engagement and Capacity Building
The Department places strong emphasis on constructive engagement with supervised institutions by:
- Supporting improved understanding of AML/CFT/CPF obligations and supervisory expectations.
- Providing guidance, supervisory feedback, and best‑practice insights to strengthen institutional controls.
5. Ensuring Effective Registration and Classification
To maintain accurate supervisory oversight, the Department:
- Ensure that all institutions identified under the FIA (Schedule 1) are registered with the FIC.
- Conduct outreach and awareness activities across regulated sectors
- Ensures institutions remain appropriately classified, supervised, and updated in line with their operational status and risk profile.
