Regulatory Alerts2018-01-01
Financial Services (Licensing of Banks) Directive 2018
Issued by the Registrar of Financial Institutions in Malawi, this Directive establishes comprehensive licensing requirements and application procedures for new banks. It mandates a minimum start-up capital of five million Malawi Kwacha, requires non-shell shareholders and resident board majorities, and outlines a structured approval process with a ninety-day decision window. The framework further enforces post-approval obligations, including commencing operations within twelve months, securing Registrar approval for management agreements, and imposing monetary penalties up to fifty million Kwacha for non-compliance.
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