Regulatory Alerts2021-11-11
Added · Updated
Persons Who May Keep Money and Assets
The Namibia Financial Institutions Supervisory Authority issued this standard under the Financial Institutions and Markets Act, 2021 to clarify asset custody arrangements for registered Friendly Societies. It authorizes the principal officer or a finance and investment-responsible board member to hold a society’s money and assets in their name. These designated officers must satisfy the regulator’s “Fit and Proper” criteria established under Standard No. GEN.S.10.2 to maintain eligibility.
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