ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Currency Handling) Regulations
4. Licensing of cash in transit operators
Edition: 2022-12-31 · In force
4. Licensing of cash in transit operators
(1)A cash in transit operator who wishes to operate a cash defacement device in the transit of cash, shall apply to the Bank in Form CH 1 set out in the First Schedule.(2)Every cash in transit operator applying for a licence to use a cash defacement device, shall be required to comply with the terms and conditions of use of such device and to meet the minimum technical specifications and industrial standards for the proposed device set out in the Second Schedule.(3)The compliance by an applicant with the terms, conditions, technical and other requirements of use of a cash defacement device shall be a mandatory requirement for licensing and the Bank shall not issue a licence until an applicant fully meets each requirement.(4)The Bank shall, upon satisfaction that an applicant meets the requirements under paragraph (3), and upon receipt of the fee prescribed in the Third Schedule, register the applicant and grant him a licence to use a cash defacement device.(5)A licence granted under paragraph (4) shall be renewable annually, upon fulfilment of the conditions of grant and payment to the Bank of the renewal fees prescribed in the Third Schedule.(6)The Bank shall regularly inspect and monitor every person licensed to operate a cash defacement device.(7)The Bank may, at any time during the tenure of a licence, suspend the licence for breach of any of the terms of licensing and if the breach is not remedied within thirty days, revoke the licence.(8)Any person who operates a cash defacement device without a licence or after the licence is suspended or revoked by the Bank, shall be liable to a penalty, payable to the Bank, of one hundred thousand shillings and in addition to a daily penalty of twenty thousand shillings for each day the breach is not remedied within the specified time.