IDToday, a Namibian compliance technology company, will launch a new customer business identification software called the Compliance Dashboard at the end of August.
The software is designed to help financial institutions comply with the Know Your Customer (KYC) and Know Your Business (KYB) regulations.
KYC and KYB are essential regulatory requirements for financial institutions that require them to establish who their customers are and understand what kind of financial activity they are involved in.
The Compliance Dashboard will automate these processes, making it easier and faster for financial institutions to comply with regulations.
The software was developed in consultation with local Financial Institution Agency (FIA) experts and financial institutions. It is tailored to the Namibian market and provides an end-to-end solution for KYC and KYB compliance.
“We spent the last six months consulting with local Financial Institution Agency (FIA) experts and talking to our clients to better understand their needs with regards to FIA compliance. The IDToday Compliance Dashboard is a solution tailored to the Namibian KYC and KYB compliance needs. The software provides an end-to-end solution that empowers companies to efficiently comply with the Financial Intelligence Act for their Individual and Business entities” says Naudé Muller, co-founder at IDToday.
The innovation comes as last year September, Namibia underwent a mutual evaluation by the Eastern and Southern African Anti-Money Laundering Group and FATF, which found that the country needed to update certain laws to fully comply with the United Nations Convention on Anti-Money Laundering and Combat the Financing of Terrorism and Proliferation.
Namibia has until October 2023 to comply, or risk being grey-listed by the FATF, which would be damaging for the economy.
The launch of the Compliance Dashboard comes as Namibia is working to comply with the Financial Action Task Force’s (FATF) recommendations. The FATF is an international organization that sets standards for combating money laundering and terrorist financing. Namibia was recently assessed by the FATF and found to have some shortcomings in its AML/CFT regime.
The Compliance Dashboard will help Namibian financial institutions to improve their compliance with AML/CFT regulations and avoid being blacklisted by the FATF.
Financial analysts believe that the launch of the Compliance Dashboard is a significant milestone for IDToday and for the Namibian financial services sector. The software will help to improve financial compliance in Namibia and make it easier for businesses to do business.
IDToday is a pioneer in the digital compliance space in Namibia. The company was founded in 2020 and has since helped a number of financial institutions to improve their compliance with regulations.
