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Money laundering – don’t even think of it. The bank’s watchdog is keeping the gate

Money laundering – don’t even think of it. The bank’s watchdog is keeping the gate

Timmy Munikaseke describes himself as Nedbank’s compliance gatekeeper when it comes to money laundering and forex deals.

One of only a handful of Certified Anti-Money Laundering Specialists in Namibia, Munikaseke’s certification assures the Bank of Namibia as regulator that he is committed to protecting the financial system against abuse by money launderers. This commitment adds value to his employer ensuring that all deals where money crosses borders, are scrutinised for signals of money laundering.

Munikaseke joined Nedbank Namibia in 2013 as the Exchange Control Vetting Officer in the Global Business Unit. “This position focused on the areas of exchange control, sanctions compliance and risk management, and general in-house advice related to these areas within a large commercial banking group.”

“Currently I play an active role in the management and development of the bank’s money laundering framework through the compilation and implementation of anti-money laundering and sanctions policies, programmes, plans, procedures, processes, controls and automated systems,’ he said.

His duties further include communicating with various law enforcement agencies, conducting on-site branch inspections, reviews and assurance, and providing guidance and advice in terms of the Financial Intelligence Act and its regulations. “In my role I am currently involved in the process of furthering Nedbank’s anti-money laundering framework through the continued implementation of a risk-based approach, compiling procedural compliance documents for the respective departments and further development of automation possibilities.”

As a member of the international Association of Certified Anti-Money Laundering Specialists, he has access to vast resources and expertise in financial crime detection and prevention.

This designation is the most widely recognized anti-money laundering certification among compliance professionals worldwide. Candidates who pass the rigorous examination distinguish themselves as experts fully qualified for the demanding anti-money laundering duties in business and government.

Munikaseke obtained his first qualification in finance and accounting from the Polytechnic of Namibia.


 

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