2024-02-14

Draft Banking (Penalties) Regulations 2024

The Banking (Penalties) Regulations, 2024 outline penalties for violations of the Banking Act and Prudential Guidelines in Kenya. These regulations apply to all institutions and individuals, with penalties ranging from 1 million to 20 million Kenyan shillings for institutions and up to 1 million shillings for individuals. The Central Bank of Kenya is responsible for assessing violations, imposing penalties, and ensuring compliance with the Act. Institutions and individuals have the right to request a review and appeal decisions. Penalties must be paid within the specified timeframe; failure to do so incurs additional daily penalties and civil debt recovery.

Kenya

Central Bank of Kenya

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