ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
22. Holding office without certification
Edition: 2025-07-09 · In force
22. Holding office without certification
(1)An officer of an institution who continues to hold office upon being notified by the Central Bank that a shareholder has not fulfilled the fit and proper criteria as set out in Part B of the First Schedule to the Act commits a violation and is liable, upon assessment to a penalty not exceeding one million shillings.(2)An institution which permits an officer found liable for the violation in paragraph (1) to continue to hold office 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.(3)An institution found liable under paragraph (2) and continues to commit the violation in paragraph (2), commits a violation and is liable, upon assessment, to a penalty not exceeding one hundred thousand shillings for each day, or part of each day, that the institution continues to commit the violation in paragraph (2).(4)An officer found liable for the violation in paragraph (1) and continues to commit the violation in paragraph (1), commits a violation and is liable, upon assessment, to a penalty not exceeding one hundred thousand shillings for each day or part of each day that the officer continues to commit the violation in paragraph (1).