Regulatory Alerts2023-04-28
Regulation No. 63/2023 on Administrative Sanctions for Regulated Institutions' Non-Compliance with AML-CFT/CPF Requirements
The National Bank of Rwanda issued Regulation No. 63/2023 to establish a comprehensive framework of administrative sanctions for regulated institutions, board members, and senior managers that fail to comply with anti-money laundering, counter-terrorist financing, and countering proliferation of weapons of mass destruction requirements. The Central Bank determines applicable penalties based on institutional size, risk ratings, and violation severity across seven categorized financial entities. Applicable measures range from written warnings and operational restrictions to license suspension or revocation, alongside targeted disciplinary actions against directors and executives.
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