Regulatory Alerts2018-01-01
Disclosure of Information by Banks Directive 2018
Issued by the Registrar of Financial Institutions under Malawi’s Financial Services Act, this directive mandates all licensed banks to publicly disclose audited and unaudited financial statements alongside specific operational data including lending rates, deposit rates, personal banking fees, and related-party loans. Banks must publish these disclosures in at least two widely circulated newspapers and on their websites within strict timelines, while maintaining a board-approved disclosure policy and ensuring senior management accountability for accuracy and timeliness. The directive establishes a compliance framework backed by monetary penalties of up to K50 million for institutions and K10 million for executives, alongside administrative sanctions, to enhance market discipline, transparency, and public confidence in the banking sector.