Section 55 of the Banking Act requires the Central Bank of Kenya (CBK) to prescribe in Regulations, penalties for the violation of the Banking Act, Regulations thereunder, the Prudential Guidelines or CBK’s directions. In this regard, CBK has developed the draft Banking (Penalties) Regulations, 2024, to provide a clear framework for assessing and levying of monetary penalties to promote compliance with banking laws and enhance integrity of the banking sector.
Accordingly, CBK invites comments from the public on the draft Regulations through the email address fin@centralbank.go.ke by Monday, March 18, 2024.