BoN clamps down on CBI Exchange Namibia
Arrest made
The central bank's assessment showed that the actions of the company and person violated section 6 of the Banking Institutions Act.
The Bank of Namibia (BoN) has conducted an investigation into the suspected unlicensed banking activities of CBI Exchange Namibia (Pty) Ltd and Coenraad Barend Nolte Botha.
These entities are believed to have been conducting banking business by receiving, accepting, or taking deposits from the public without the necessary licensing, the BoN said in a statement.
“CBI Exchange Namibia (Pty) Ltd and/or Mr. Coenraad Barend Nolte Botha were not authorised by the Bank to conduct banking business, or to receive, accept or take deposits from the public as they did,” the BoN’s director of strategic communications and international relations, Kazembire Zemburuka, said.
The BoN's assessment showed that their actions violated section 6 of the Banking Institutions Act, 1998, constituting an offense under the law.
Consequently, the BoN has referred the matter to the Namibian police for further investigation.
Botha was arrested and appeared in court yesterday, with the case now under the jurisdiction of prosecuting authorities.
Public
The successful prosecution of such cases relies heavily on public cooperation, particularly from those who have deposited funds with CBI Exchange Namibia (Pty) Ltd and/or Botha, the BoN said.
It urged these depositors to come forward and assist the police in their investigations.
“The public is cautioned to be on the lookout, recognise the distinctive features and characteristics of schemes of this nature, and promptly report any suspicious activity to the Bank of Namibia at [email protected] or to the Financial Intelligence Centre at [email protected] or to the Namibian Police Force for investigation and potential prosecution,” Zemburuka said.
These entities are believed to have been conducting banking business by receiving, accepting, or taking deposits from the public without the necessary licensing, the BoN said in a statement.
“CBI Exchange Namibia (Pty) Ltd and/or Mr. Coenraad Barend Nolte Botha were not authorised by the Bank to conduct banking business, or to receive, accept or take deposits from the public as they did,” the BoN’s director of strategic communications and international relations, Kazembire Zemburuka, said.
The BoN's assessment showed that their actions violated section 6 of the Banking Institutions Act, 1998, constituting an offense under the law.
Consequently, the BoN has referred the matter to the Namibian police for further investigation.
Botha was arrested and appeared in court yesterday, with the case now under the jurisdiction of prosecuting authorities.
Public
The successful prosecution of such cases relies heavily on public cooperation, particularly from those who have deposited funds with CBI Exchange Namibia (Pty) Ltd and/or Botha, the BoN said.
It urged these depositors to come forward and assist the police in their investigations.
“The public is cautioned to be on the lookout, recognise the distinctive features and characteristics of schemes of this nature, and promptly report any suspicious activity to the Bank of Namibia at [email protected] or to the Financial Intelligence Centre at [email protected] or to the Namibian Police Force for investigation and potential prosecution,” Zemburuka said.
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