ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
70. False advertising
Edition: 2025-07-09 · In force
70. False advertising
(1)An institution or person that publishes an advertisement, which falsely represents that the institution or person is authorised to accept deposits or licensed under the Act, commits a violation and is liable, upon assessment—(a)in relation to the institution, to a penalty not exceeding two million shillings or three times the gross amount of the monetary gain made or loss avoided, by the institution; and(b)in relation to a natural person, to a penalty not exceeding one hundred thousand shillings.(2)An institution or person that publishes an advertisement which does not comply with a direction issued by the Central Bank under section 51(2) of the Act, commits a violation and is liable, upon assessment—(a)in relation to the institution, 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; and(b)in relation to a natural person, to a penalty not exceeding two hundred and fifty thousand shillings.