Regulatory Alerts2019-01-24
Financial Services (Submission of Information by Banks) Directive, 2018
Issued by the Registrar of Financial Institutions of Malawi under the Financial Services Act, this directive mandates all licensed banks to compile and submit accurate electronic call reports and additional regulatory data to the Registrar. Banks must submit monthly reports within ten days of month-end and foreign exposure returns weekly, with board and senior management held directly responsible for maintaining robust reporting systems and ensuring data accuracy. Non-compliance triggers monetary penalties of up to fifty million Kwacha for institutions and ten million for executives, alongside administrative enforcement actions, while formally revoking the previous 2012 submission directive.
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