ADVOKS GLOBAL · KENYA
The Banking (Credit Reference Bureau) Regulations
34. Retention of information
Edition: 2022-12-31 · In force
34. Retention of information
(1)Each bureau shall retain customer information on non-performing loans —(a)until the expiry of five years from the date of final settlement of the amount in default including the settlement of the amounts payable under a scheme of arrangement; or(b)until the expiry of seven years from the date of the customer's discharge from bankruptcy as notified to the bureau by the customer:Provided that where a customer notifies the bureau of the customer's discharge from bankruptcy, the customer shall provide the relevant certificate of discharge issued by the High Court or by a written notice from the Official Receiver stating that the Official Receiver has no objection to a certificate of discharge being issued to the person, irrespective of any write-off by the institution of the amount in default in full or in part at any time.(2)Each bureau may, with respect to information not specified in paragraph (1), retain such information for a period not exceeding five years from the date of submission of the information or receipt of the information by the bureau.(3)A bureau shall, on the expiry of the periods specified in paragraphs (1) and (2), expunge from its database the relevant customer information.(4)A bureau shall, within seven days from the date of expunging customer information under paragraph (3), notify the relevant customer that the information is no longer held by the bureau.(5)Any Bureau that fails to expunge customer information which ought to be expunged from its database or fails to notify a person pursuant to paragraph (4) shall be liable to pay a penalty of five hundred thousand shillings and in the case of continued failure, it shall be liable to an additional penalty of ten thousand shillings for each day on which such failure continues.