ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
10. Opening or change of place of business in Kenya without approval
Edition: 2025-07-09 · In force
10. Opening or change of place of business in Kenya without approval
(1)An institution which opens a place of business in Kenya without the approval of the Central Bank, commits a violation and is liable, upon assessment, to a penalty not exceeding five million shillings or three times the gross amount of the monetary gain made or loss avoided by the institution.(2)An officer of an institution found liable for the violation in paragraph (1) commits a violation and is liable, upon assessment, to a penalty not exceeding one million shillings.(3)An institution which opens a place of business in Kenya after the approval of the Central Bank has lapsed under section 8(2A) of the Act, commits a violation and is liable, upon assessment, to a penalty not exceeding five million shillings, or three times the gross amount of the monetary gain made or loss avoided by the institution.(4)An officer of an institution found liable for the violation in paragraph (3) commits a violation and is liable, upon assessment, to a penalty not exceeding one million shillings.(5)An institution which changes the location of an existing place of business in Kenya without the approval of the Central Bank, commits a violation and is liable, upon assessment, to a penalty not exceeding five million shillings or three times the gross amount of the monetary gain made or loss avoided by the institution.(6)An officer of an institution found liable for the violation in paragraph (5), commits a violation and is liable, upon assessment, to a penalty not exceeding one million shillings.(7)An institution which changes the place of business in Kenya after the approval of the Central Bank has lapsed under section 8(2A) of the Act, commits a violation and is liable, upon assessment, to a penalty not exceeding five million shillings or three times the gross amount of the monetary gain made or loss avoided by the institution.(8)An officer of an institution found liable for the violation in paragraph (7) commits a violation and is liable, upon assessment, to a penalty not exceeding one million shillings.