Section 25A: Register of beneficial owners

25A. Register of beneficial owners (1) Every society shall, at all times, keep and maintain at its registered office accurate, adequate and up to date information on its beneficial owners in a register of beneficial owners. (2) The register of beneficial owners shall be open for inspection free of charge and at all reasonable times by – (a) the supervising officer or his representative; (b) its members; (c) the Registrar and his officers; (d) the Principal Co-operative Auditor and his officers; (e) the auditor of the society; and (f) competent authorities. (3) Every society which fails to comply with this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding 100,000 rupees. (4) In this section – “beneficial owner”, in relation to a society, means – (a) any natural person who ultimately exercises substantial control, whether directly or indirectly, over the society; (b) all natural persons forming part of the board of directors of the society; or (c) all natural persons acting in the capacity of executive officer of the society, whether or not such person has an ownership interest in the society; “competent authorities” has the same meaning as in the Financial Crimes Commission Act 2023; “substantial control”, in relation to a society – (a) means the ability of a natural person, whether exercised directly or indirectly, and whether alone or jointly with another natural person, to exercise decisive influence over the management, policy or strategic direction of the society; and (b) includes the power to direct, determine or significantly influence decisions relating to the business practices, financial policies or general operations of the society. (c) in section 79B, by adding the following new subsection – (5) The Registrar may undertake outreach and educational programmes to raise and deepen awareness among credit unions of their duties and responsibilities under this Act and any other applicable Act, as he considers appropriate. (d) in the Second Schedule, by adding the following new part – PART XIII – ANTI-MONEY LAUNDERING, COMBATTING THE FINANCING OF TERRORISM AND PROLIFERATION