ADVOKS GLOBAL · KENYA
The Banking (Credit Reference Bureau) Regulations
57. Powers of the Central Bank
Edition: 2022-12-31 · In force
57. Powers of the Central Bank
The Central Bank shall have the power to —(a)issue, suspend or revoke a licence to conduct credit reference bureau business;(b)supervise the activities of a bureau;(c)establish, maintain and enforce standards of conduct and credit information reporting practices;(d)protect the integrity of the credit reference system against abuse and misuse;(e)require bureaus to correct or remedy any violation under the Act, the Microfinance Act (Cap. 493C), the Sacco Societies Act (Cap. 490B) or these Regulations;(f)take measures to protect the interests of customers, subscribers or bureaus;(g)impose penalties or sanctions for violation of these Regulations;(h)review the adequacy of a bureau's operations including the periodic inspection of bureaus to ensure compliance with these Regulations;(i)access the premises, systems, documents and any other information of, or held by, a bureau or its agents; and(j)perform such other functions or exercise such other powers as may be necessary for the proper supervision and regulation of bureaus and the bureau business.