ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Foreign Exchange Bureau) (Penalties) Regulations
4. Written notification
Edition: 2022-12-31 · In force
4. Written notification
(1)The Bank shall, after reviewing all available information and determining the contravention or violation of one or more of the provisions of regulations 2 or 3, notify the foreign exchange bureau or a person in writing informing it on its finding and its intention to assess monetary penalties.(2)The Bank shall assess the gravity of the contravention or violation and may give the foreign exchange bureau or a person reasonable time to rectify the violation.(3)The Bank shall give a foreign exchange bureau or a person sevens days notice in writing requiring the foreign exchange bureau or a person of the correction of the violation, the Bank shall instruct the foreign exchange bureau or that person, in writing, of the penalties assessed and the manner in which such monies shall be paid to the Bank.