BalanceofPayments(BOP)Reporting

 

Additional third party (Namibia resident) information is required based on the type of transaction (BoP code)

Clients will have to provide additional information to RMB.

What will change in BoPCUS 3?

Updates to customer information

Additional client information is required to be stored for future use.

Additional information required from entities

• Trading name, if applicable
• Institutional sector (the main institutional sector of each entity: Financial Corporate/Non-financial Corporate/general Government/Household such as partnerships, trusts and one man businesses)
• Industrial classification (the main production activity of each entity: Agriculture, Mining, Transport, Construction, etc.)
• Loan tenor and interest rate (in the case of repayment of foreign loans)
• Transport document number (in the case of the importation of goods)
• Sub BoP category Where applicable
• Third party details Where applicable

Additional information required from individuals*

• Gender
• Date of birth
• Foreign ID number
• Tax clearance certificate reference (in the case of individual foreign investment allowances)
• Loan tenor and interest rate (in the case of repayment foreign loans)
• Transport document number (in the case of the importation of goods)
• Sub BoP category Where applicable
• Third party details Where applicable

Changes to the BoP codes

A new set of BoP category codes as well as sub-category codes catered for more detailed information on the reason for a transaction. The codes used to report transactions changed and some categories now have sub-codes. The number of digits in BoP codes increased from three to five.

Third party information required

These are third party transactions made by an RMB account holder on behalf of another person or entity who is not the holder of the transacting account.

Updates will be provided as additional information is received.

 

 

BoPCUS Version 3

  New balance of payments category codes

  Frequently asked questions