ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
7. Acceptance of deposits with revoked licence
Edition: 2025-07-09 · In force
7. Acceptance of deposits with revoked licence
(1)An institution which accepts deposits, opens current accounts, or makes loans or investments, after its licence was revoked under section 6(1) of the Act, commits a violation and is liable, upon assessment, if a penalty not exceeding twenty million shillings or three times the gross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 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 institution continues to commit the violation in paragraph (1).(4)An officer—(a)of an institution found liable for the violation in paragraph (3); and(b)found liable under 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 (1).