Notifications/Orders under the provisions of Goa Co-operative Society Act, 2001 (Act 36 of 2001) — The Goa Co-operative Societies Act, 2001

Notifications/Orders under the provisions of Goa Co-operative Society Act, 2001 (Act 36 of 2001) 15 DEPARTMENT OF CO -OPERATION OFFICE OF THE REGISTRAR OF CO -OPERATIVESOCIETIES GOVERNMENT OF GOA "SAHAKAR SANKUL" 4 th & 5 th FLOOR EDC COMPLEX, PATTO PANAJI GOA-403001 No. 1 -I -99 -TS -VPK -RCS/Vol.III/2275 CIRCULAR It is observed from the Inquiry reports that the management/Board of Directors of various UrbanCo -operative Credit Societies, PACs (Having Credit Counters) Multipurpose Cooperative CreditSocietiesfunctioning in the State of Goa are not following proper identification procedure for opening of accounts. Some of the Cooperative Societies have accepted deposits of hard cash in crores without following any KYC norms and other required documents which leads to difficulty in monitoring the transactions of suspicious nature. Similarly, it has also been observedthat membership and nomination records as required under the provisions of Act/Rules& Byelaws of the societies are either remains incomplete or not updated since inception. The incomplete membership. In the light of above problems and on examining various records may also create problems for display of provisional/final list of voters at the time of election complaints/allegations made by the membersand public in general all the Co-operative Credit societies have been advised to follow certain customer member identification guidelines for opening of accounts and maintain the membership records in more scientific manner and therefore decided to issue following guidelines under section 69 of the Goa Cooperative Societies Act, 2001 on know Your Customer (KYC): 1. For opening accounts of individuals/member, the Cooperative Societies, shall obtain one certifiedcopy of an officially valid documents i.e. copy of elec