ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
9. Non-submission of undertaking for assigned capital
Edition: 2025-07-09 · In force
9. Non-submission of undertaking for assigned capital
(1)An institution which does not submit an undertaking to the Cabinet Secretary to keep assigned capital within Kenya in accordance with section 7(4) of the Act, 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) commits a violation and is liable, upon assessment, to a penalty not exceeding one million shillings.(3)An institution found liable under 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).