Namibian auctioneers face stricter compliance requirements

All individuals and entities participating in auctions, either as buyers or as sellers, must register in compliance with the Financial Intelligence Act (FIA) regulations with auction houses.

The Financial Intelligence Centre (FIC), as part of its ongoing efforts to assist the government in combatting money laundering, terrorism financing and proliferation financing, has issued updated compliance guidelines.

Ensuring full compliance with FIA regulations helps safeguard not only the auction house but also the client and Namibia’s financial sector from illicit activities, according to the Namibian Agricultural Union (NAU).

The Financial Intelligence Act (FIA), Act 13 of 2012 (as amended), defines an accountable institution to include a person who conducts or carries on the business of an auctioneer.

In a statement, Agra said it has taken a proactive step in adapting to the evolving regulatory landscape by implementing IDToday, a secure and efficient digital Know Your Customer (KYC) platform.

"This transition comes in response to the recent amendments to the FIA in 2023, which impose stricter compliance requirements on auctioneers and other accountable institutions," said Agra.

Under the FIA, auctioneers are now legally required to:

• Verify and establish client identities before entering into business relationships or conducting transactions above a certain threshold.

• Maintain accurate records of client information to detect and report suspicious activities.

• Implement stricter risk management programs and enhanced due diligence for higher-risk clients. The 2023 amendments introduce real-time verification and risk-based assessments, making compliance more stringent.

"By adopting IDToday, Agra ensures not only adherence to legal obligations but also a seamless and secure process for its valued clients," Agra said.

"The move to a digital KYC system aligns with Agra’s commitment to efficiency, security, and compliance. As an accountable institution, Agra must meet legal obligations while ensuring that its clients experience minimal disruption."

Agra said the implementation of IDToday brings numerous advantages:

• Ease of use: Clients can register online from anywhere or visit an Agra auction office for

assistance.

• Enhanced security: Advanced encryption technology safeguards sensitive personal and

financial information.

• Faster processing: The digital platform eliminates paperwork delays, ensuring a

smoother client experience.

"Agra clients must register on IDToday to continue doing business in compliance with the FIA. The registration process is straightforward."

Agra said the implementation of IDToday brings numerous advantages:

• Ease of use: Clients can register online from anywhere or visit an Agra auction office for assistance.

• Enhanced security: Advanced encryption technology safeguards sensitive personal and financial information.

• Faster processing: The digital platform eliminates paperwork delays, ensuring a smoother client experience.

"Agra clients must register on IDToday to continue doing business in compliance with the FIA. The registration process is straightforward."

4. Verify your identity: Sign the form digitally.

5. Submit your application: Complete and submit your registration.

In-person assistance

For those needing assistance, Agra’s auctions' offices offer in-person registration support. Clients can visit their nearest Agra branch with the required documents for guided assistance.

"As a trusted institution, Agra upholds the principle of 'We do the right things right'. Ensuring full compliance with the FIA safeguards not only protects the company but also its clients and Namibia’s financial sector from illicit activities. The shift to digital KYC reflects Agra’s commitment to maintaining transparency, efficiency, and security in all its transactions," said Agra.

"Agra remains dedicated to serving the agricultural community while meeting all regulatory requirements. Clients are encouraged to complete their IDToday registration promptly to ensure uninterrupted service."

For further assistance, contact your nearest Agra Auctions office or visit https://identitytoday.com.na/agra-ekyc for tutorials and step-by-step guidance.

"Producers are reminded to pay urgent attention to this matter," NAU said.