Regulatory Alerts2021-11-11
Added · Updated
Books of Account and Records to be Kept (FS.S.6.14)
The Namibia Financial Institutions Supervisory Authority issued Standard No. FS.S.6.14 under the Financial Institutions and Markets Act, 2021, mandating all registered friendly societies to maintain specific books of account and records regarding their moneys and assets. The regulation requires societies to keep detailed logs of member and non-member payments, current investments, an auditor-identifiable asset register, monthly sales and purchase records, and all regulatory correspondence. Furthermore, societies offering multiple benefit categories must maintain separate records for each category while adhering to the Institute of Chartered Accountants of Namibia's Generally Accepted Accounting Practice.
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