Regulatory Alerts2018-01-01
Banking Premises Inspection Directive 2018
Issued by the Registrar of Financial Institutions under the Banking Act, this directive mandates that all banks secure prior written approval and pass mandatory inspections before establishing or occupying any banking premises, including branches, agencies, kiosks, and mobile vans. It establishes detailed minimum security and operational infrastructure requirements for each premise type, covering features like reinforced structures, alarm systems, CCTV, panic buttons, and backup power. Non-compliance triggers administrative enforcement actions and monetary penalties of up to fifty million Kwacha for banks and ten million Kwacha for senior management, with the Registrar empowered to revoke inspection certificates for uncorrected deficiencies.