Regulatory Alerts2021-01-01
Financial Institutions (Processing and Licensing Fees) Regulations 2021
Issued by the Central Bank of Lesotho and the Minister of Finance, these 2021 regulations establish standardized processing and licensing fees for all licensed banks while formally creating the national Petroleum Fund. The financial framework mandates specific investigation, registration, and annual license payments based on bank operations, alongside a structured Board and Secretariat to manage petroleum levies, price stabilization, and crisis-related expenditures. Non-compliant banks face Commissioner-imposed remedial measures, and the Fund must maintain transparent accounts, conduct annual audits by the Auditor-General, and submit comprehensive reports to ensure efficient resource allocation.
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