Regulatory Alerts2018-01-01
Financial Services (Information Management Requirements for Banks) Directive 2018
Issued by the Registrar of Financial Institutions under the Financial Services Act, this directive mandates Malawian banks to implement comprehensive information management frameworks that ensure the identification, protection, and reconstructible storage of all business-critical records. Banks must maintain these records for a minimum of seven years, establish robust electronic backup and recovery systems, classify accounts as dormant after twelve months of inactivity, and implement documented disposal processes. The directive revokes the 2012 record keeping requirements and empowers the Registrar to enforce compliance through administrative actions and monetary penalties of up to K50 million for institutions and K10 million for senior executives.