Section 55 of the Banking Act requires the Central Bank of Kenya (CBK) to prescribe penalties for violation of the Banking Act, Regulations thereunder, the Prudential Guidelines or CBK’s directions. In this regard, CBK has drafted the Banking (Penalties) Regulations, 2017 to provide a clear framework for assessing and levying of monetary penalties in order to promote compliance with banking laws and enhance integrity of the banking sector. CBK invites comments on the draft Regulations through the email address fin@centralbank.go.ke by Monday, July 31, 2017. Read more…
