2023-09-14 | 558433240

Banking Circular No. 8 of 2023 - Compliance with Banking Act and Central Bank of Kenya Prudential Guidelines

The Central Bank of Kenya (CBK) has issued a circular to commercial banks and mortgage finance companies, reminding them of the legal and regulatory framework that governs banking business in Kenya. The CBK highlights areas of non-compliance with the Banking Act and CBK Prudential Guidelines, including corporate governance, risk classification of assets, provisioning, outsourcing, and charging of fees for banking products. The CBK warns that failure to comply with the regulatory requirements will result in enforcement actions as per the Banking Act.

Kenya

Central Bank of Kenya

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