Country Manual Private Banking
Namibia – Update 2024
BRP has updated its Country Manual Private Banking for Namibia – (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and up to date.
The Banking Institution Act, 2023 (Act no. 13 of 2023) has been adopted and repeals the Banking Institutions Act, 1998 (Act 2 of 1998) as well as the Banking Institutions Act 2010 (Act 14 of 2010). The new law came into effect on 8 August 2023. The relevant legal basis have been updated. However, the new act does not bring any relevant material changes to the general rules that were already in place.
We can, therefore, confirm that there have been no major material changes or modifications of the relevant Namibian cross-border legislation since the last update.
To be noted that for the moment the Financial Institutions and Markets Act (2021) and the Consumer Credit Bill (2023) are still not in force yet.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “NAMIBIA” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, August 22nd, 2024