26
Oct
Obrein Simasiku The Agricultural Bank of Namibia (AgriBank) will no longer accept cash as a form of payment starting from December. This decision is to curb money laundering in the country, said the public relations officer of the bank, Fillemon Nangonya in a statement. ‘’This change is an effort by Agribank to further contribute to the combating of money laundering in the country.’’ Money laundering is regulated in terms of the Financial Intelligence Act, with specific reference to Know Your Customer (KYC) requirements. ‘’This requires stringent verification of the source of cash funds and reporting thereon,” Nangonya emphasised. The measure…