Regulatory Alerts2019-01-24
Credit Reference Bureau (Licensing, Supervisory and Operational Requirements) Regulations 2011
The Malawi Minister of Finance and Development Planning, acting under the Credit Reference Bureau Act 2010, has established comprehensive licensing and operational rules for credit reference bureaus. The regulations mandate a minimum USD50,000 capital, restrict licenses to limited liability companies, and require robust data security, accurate record-keeping, and authorized user access with borrower consent. The framework grants consumers the right to inspect and challenge inaccurate data within strict timelines, while empowering the Registrar to enforce compliance through monetary penalties up to one million Kwacha.
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