ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
53. Non-maintenance of books, accounts and records
Edition: 2025-07-09 · In force
53. Non-maintenance of books, accounts and records
(1)An institution which does not record entries in books 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) is liable, upon assessment, to a penalty not exceeding one million shillings.(3)An institution which does not record entries and all accounts in the English language, using the system of numerals employed in Government accounts 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 two hundred and fifty thousand shillings.(5)An institution which does not maintain books, records or information, as directed by the Central Bank, commits a violation and is liable, upon assessment, to a penalty not exceeding ten 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 five hundred thousand shillings.(7)An institution which does not prepare financial statements in accordance with international financial reporting standards and applicable consolidated accounting principles for groups, commits a violation and is liable, upon assessment, to a penalty not exceeding fifteen 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 seven hundred and fifty thousand shillings.