ADVOKS GLOBAL · KENYA
Microfinance Act
36C. Penalties for violations relating to money laundering, terrorism financing
Edition: 2024-12-27 · In force
36C. Penalties for violations relating to money laundering, terrorism financing
(1)No institution, director, officer, employer, agent or any other person shall violate or fail to comply with any provision of the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A), or any regulation, guideline, rule, direction or instruction issued under the said Act or under this section.(2)A person who violates or fails to comply with the provisions of subsection (1) shall be liable—(a)in case of a legal person, to a penalty not exceeding five million shillings;(b)in the case of a natural person, to a penalty not exceeding one million shillings; and(c)to additional penalties not exceeding one hundred thousand shillings in each case for each day or part thereof during which such violation or non-compliance continues.