ADVOKS GLOBAL · KENYA
Banking Act
55. Regulations
Edition: 2024-12-27 · In force
55. Regulations
(1)The Central Bank may make regulations generally for carrying out the purposes and provisions of this Act.(2)Without prejudice to the generality of subsection (1), the Central Bank may, in regulations, prescribe penalties to be paid by institutions, credit reference bureaus or any other person that fails or refuses to comply with any provision of this Act, Prudential Guidelines or any direction issued by the Central Bank under this Act or Prudential Guidelines.(3)The penalties prescribed under subsection (2) shall not exceed twenty million shillings in the case of an institution or credit reference bureau, or three times the gross amount of the monetary gain made, or loss avoided by the failure or refusal to comply whichever is higher; and three million shillings in the case of a corporate entity and one million shillings in the case of a natural person.(4)The Central Bank may, in regulations, prescribe additional penalties not exceeding one hundred thousand shillings in each case for each day or part thereof during which such failure or refusal continues.