Banking Institutions Act, 1998

The Banking Institutions Act, 1998 (Act No. 2 of 1998) of Namibia provides for the regulation of banking institutions. It limits the conducting of banking business to persons/entities authorised to conduct business as banking institutions.

Verification of the information of an applicant who aspires to conduct banking business is also provided for under the Act.

Section 50 imposes an obligation to report certain transactions. This relates to money transactions of which banking institutions become aware and which indicate a suspicion of unlawful activity. Non-compliance with the provisions of this Act is an offence. 

This Act also contains provisions for the confiscation of assets.