Regulatory Alerts2018-01-01
Fit and Proper Requirements Directive 2018
The Registrar of Financial Institutions in Malawi issued the 2018 Directive to mandate rigorous fit and proper assessments for all shareholders, directors, and senior management officials of banks and bank holding companies. The regulation requires prior regulatory approval for all appointments and significant shareholding changes, establishes strict eligibility disqualifications, and mandates specific professional qualifications for key executive and compliance roles. Non-compliance triggers substantial monetary fines, administrative enforcement actions, and the revocation of the previous 2014 directive, while ensuring continuous supervisory oversight of banking leadership integrity.
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