ADVOKS GLOBAL · KENYA
The Central Bank of Kenya (Foreign Exchange Bureau) (Penalties) Regulations
6. Payment penalty
Edition: 2022-12-31 · In force
6. Payment penalty
(1)The penalties prescribed under these Regulations shall be paid to the Central Bank of Kenya by a foreign exchange bureau or a person as the case may be, within fourteen days from the date of service of the notice, unless otherwise stated by the Bank in writing.(2)Where a foreign exchange bureau that is required to pay a penalty under these Regulations fails to pay a penalty within the time directed by the Bank, the Bank may recover the amounts due on the penalty from the non-interest bearing deposit held by the Bank on behalf of the foreign exchange bureau.(3)Where the Bank recovers any amount due on a penalty from the non-interest bearing deposit held by the Bank, the foreign exchange bureau shall within thirty days of being notified by the Bank, raise the amount in the non-interest bearing deposit to the level required by the Bank.(4)Where no payment is made or received under paragraph (3), the Bank may revoke the licence of the foreign exchange bureau.(5)Where the penalties under paragraph (1) are payable by a person fails to pay, that person shall be disqualified from holding office in a foreign exchange bureau.