ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
15. Not effecting amalgamation or arrangement
Edition: 2025-07-09 · In force
15. Not effecting amalgamation or arrangement
(1)An institution which enters into an agreement for amalgamation or arrangement, which involves the institution as the principal party, without the approval of the Cabinet Secretary, commits a violation and is liable, upon assessment, to a penalty not exceeding twenty 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 enters into an agreement for the transfer of the assets or the liabilities, to another institution or person, without the approval of the Cabinet Secretary, commits a violation and is liable, upon assessment, to a penalty not exceeding twenty 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 does not effect an amalgamation or arrangement, approved by the Cabinet Secretary in accordance with section 9(3) of the Act, commits a violation and is liable, upon assessment, to a penalty not exceeding twenty 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.