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Namibia’s central bank on Wednesday launched the country’s first-ever automated regulatory reporting system, available to regulated and supervised entities licensed by the central bank to conduct banking, currency exchange, and payment service provision activities.
The system provides an effective, reliable, and scalable way to detect and address any irregularities or issues near real-time, the Bank of Namibia said in a statement, adding that the automation project is a realization of an undertaking to transform and modernize Namibia’s financial sector further.
“A significant reduction in human error and time consumption will occur as the automated compliance monitoring and supervision allows continuous monitoring, identification, and reporting of issues that keep the regulated institutions fully compliant according to regulatory expectations,” the central bank said.
It said the acquisition of the system comes at a time when regulators and supervisory authorities need to sharpen their oversight over all institutions that are charged with the safekeeping of public deposits and lending activities.
Since February, regulated institutions are able to submit applications on the system with enhanced speed and accuracy while the central bank simultaneously can track and monitor compliance with supervisory requirements and outstanding compliance obligations, the central bank said. Enditem
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