Regulatory Alerts2022-10-03
Added · Updated
Penalty for Non-compliance with National Bank Directives ONPS/08/2022
This Directive establishes financial penalties for payment instrument issuers and payment system operators licensed by the National Bank of Ethiopia who violate directives without specific penalty provisions. Violations of established transaction or balance limits incur a fine of 100,000 Birr or 25% of the excess amount, whichever is higher. Other violations carry a penalty of 20,000 Birr per instance, while non-compliance with report submission deadlines results in a 15,000 Birr fine per report. The National Bank retains the authority to partially or fully waive these penalties on sufficient and reasonable grounds, and the Directive entered into force on October 3, 2022.
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