Regulatory Alerts2021-11-11
Added · Updated
FS.S.6.16 Period After Which Payment of Contributions Becomes Due
The Namibia Financial Institutions Supervisory Authority issued this standard to mandate that all registered friendly societies deposit or forward member and employer contributions within seven calendar days after the end of each payable month. Society boards must ensure received contributions are deposited into the society’s bank account on the first business day following receipt. Boards are further required to notify active members and the regulator of any contribution delinquency or deficiency within thirty days after this mandatory payment period expires.
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safeguarding
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