Regulatory Alerts2017-01-25
Added · Updated
Penalty for Failure to Comply with Regulatory Requirements of Capital Goods Finance Directives No. CGFB/06/2017
The National Bank of Ethiopia imposes financial penalties on licensed capital goods finance companies for specific regulatory violations, including fines of Birr 5,000 for failing to submit periodic reports, renew licenses within one month of expiry, or submit annual external audit reports within six months. Higher fines of Birr 10,000 apply for submitting false information or violating leasing exposure and investment limits, while obstructing audits incurs a Birr 50,000 penalty. Non-payment of imposed fines within five working days triggers an additional daily penalty of Birr 500, and the regulator retains the authority to impose non-financial measures such as restricting new branches or services.
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