CO-OPERATIVE SOCIETY RULES: WHAT YOU NEED TO KNOW
In a move to streamline its operations and ensure compliance with international regulations, SBM Mauritius Asset Management Limited has issued a revised set of rules for Co-operative Societies.
Revised Rules Come into Effect Immediately
The new rules require Co-operative Societies to provide a range of documentation in support of their applications. The requirements are designed to ensure that the societies comply with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations, as well as other international standards.
What Documents Are Required?
- Certified copies of constitution or articles of association
- Details of directors and shareholders
- Proof of identity for ultimate beneficial owners
- Proof of address
- Documents evidencing authority to deal in relevant products (funds, etc.)
- Audited annual reports and accounts
- Brief declarations on the dealings of the society
Important Notes
- P.O box addresses are not acceptable
- All copies of documents must be certified true copies
- Staff obtaining copies of documents from clients must also obtain initial signatures from the client
- Documents in foreign languages must be translated, with translated details and contact numbers included
- For reportable FATCA clients, an Excel sheet must be completed with required details
- Additional documents may be requested by SBM Mauritius Asset Management Limited
Applying for a Co-operative Society Account
Co-operative Societies that wish to apply for an account with SBM Mauritius Asset Management Limited should submit their application form, along with the required documentation, to the company’s offices. Alternatively, they may choose to have their documents certified by: * Notary * Lawyer * Actuary * Accountant * Member of the judiciary * Senior civil servant * Director/Secretary of a regulated financial institution
Consequences of Non-Compliance
Any Co-operative Society that fails to comply with the new rules and regulations may have its application rejected. It is therefore essential that societies familiarize themselves with the revised requirements and ensure that they are fully compliant before submitting their applications.