Regulatory Alerts2018-01-01
Financial Services (Information Management Requirements for Banks) Directive 2018
The Registrar of Financial Institutions issued this directive to establish comprehensive information management requirements for banks, mandating the adoption of written policies and the identification, protection, and electronic storage of records with business value. Banks must implement supporting methodologies, including classification structures and back-up procedures, while maintaining all relevant information for a minimum of seven years. The directive revokes the 2012 Record Keeping Directive, grants the Registrar unannounced inspection rights, and enforces compliance through monetary penalties of up to K50 million for institutions and K10 million for senior management.
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