ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Foreign Exchange Bureau) (Penalties) Regulations
2. Specific violations
Edition: 2022-12-31 · In force
2. Specific violations
The following shall constitute violations by a foreign exchange bureau or a person of guidelines or directions of the Bank under the Act which shall be subject to assessment of monetary penalties—(a)failure by a foreign exchange bureau to—(i)submit annual audited accounts and a copy of the auditor’s report in the prescribed form to the Bank, within three months after the end ofits financial year;(ii)furnish, at such time and in such manner as the Bank may direct, any information in an accurate and complete manner as the Bank may require to properly discharge its functions under the Act;(iii)comply with the Act, the Forex Bureau Guidelines or such other guidelines or directions as the Bank may issue from time to time;(iv)submit accurate periodic reports and returns to the Bank;(v)maintain a minimum balance of two thousand United States Dollars or such other amount as may be prescribed by the Bank with the authorized banks;(vi)maintain the minimum capital requirements prescribed by the Bank;(vii)maintain a proper information management system to facilitate information dissemination;(viii)accurately record all transactions relating to the purchase and sale of foreign currency;(b)conducting business in a manner, which is in the opinion of the Bank unsafe or unsound;(c)conducting foreign exchange business through a proxy or nominee;(d)transferring shareholding or changing directorship in a foreign exchange bureau without obtaining the prior written approval of the Bank;(e)engaging a foreign exchange officer who has not been vetted, approved and registered by the Bank; or(f)maintaining foreign currency accounts with more than the prescribed number of authorized banks.