ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
60. Non-maintenance of register of next of kin
Edition: 2025-07-09 · In force
60. Non-maintenance of register of next of kin
(1)A bank or financial institution which does not maintain a register of the next of kin of all customers operating accounts held by the institution, 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 bank or financial institution.(2)An officer of a bank or financial institution found liable for the violation in paragraph (1), commits a violation and is liable, upon assessment, to a penalty not exceeding two hundred and fifty hundred thousand shillings.(3)A bank or financial institution which does not annually update the register of the next of kin of all customers operating accounts held by the institution, commits a violation and is liable, upon assessment, to a penalty not exceeding two million shillings or three times the gross amount of the monetary gain made or loss avoided by the bank or financial institution.(4)An officer of a bank or financial institution found liable for the violation in paragraph (3) commits a violation and is liable, upon assessment, to a penalty not exceeding one hundred thousand shillings.