Regulatory Alerts2018-07-13
Added · Updated
Financial Services (Fit and Proper Requirements for Persons Associated with the Ownership and Management of Microfinance Institutions) Directive, 2018
The Registrar of Financial Institutions requires prior approval for shareholders, directors, and senior management officials of microfinance institutions in Malawi, extending fit and proper tests to ultimate beneficial owners. The Directive establishes eligibility criteria that disqualify individuals with bankruptcies, criminal convictions, or professional misconduct, and mandates specific minimum academic qualifications and experience levels for executive roles. It imposes monetary penalties of up to K50,000,000 for institutions and K10,000,000 for natural persons, while granting the Registrar powers to remove or suspend personnel and direct share disinvestment for sufficient cause.
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