The Banking Act CAP 488▤
Voluntary liquidation
(1) An institution may, with the approval of the Central Bank, voluntarily liquidate itself if it is able to meet all its liabilit…
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71 results · The Banking Act CAP 488
The Banking Act CAP 488▤
Powers of Central Bank to intervene in management
(1) This section applies, and the powers conferred by subsection (2) may be exercised, in the following circumstances— (a) if the…
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The Banking Act CAP 488▤
Penalties for violations relating to money laundering, terrorism financing
(1) No institution, director, officer, employer, agent or any other person shall violate or fail to comply with any provision of t…
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The Banking Act CAP 488▤
Powers on anti-money laundering, combating the financing of terrorism and countering proliferation financing matters
(1) Pursuant to sections 2A, 36A, 36B and 36C of the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A), the Central Bank…
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The Banking Act CAP 488▤
Power of Central Bank to prescribe conditions on deposits or withdrawals
(1) The Central Bank shall prescribe, in regulations, conditions on deposits or withdrawals by customers in banks and financial in…
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The Banking Act CAP 488▤
Powers upon audit or inspection report
Where an auditor's report under section 24(4) or an inspection report under this Part reveals that an institution conducts its bus…
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The Banking Act CAP 488▤
Powers of Central Bank to advise and direct
(1) If, at any time, the Central Bank has reason to believe that— (a) the business of an institution is being conducted in a manne…
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The Banking Act CAP 488▤
Examination and control of Groups
The Central Bank may upon receipt of a report under section 32(5)— (a) require changes to the legal or management structure of a g…
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The Banking Act CAP 488▤
Vetting of officials
(1) Notwithstanding any other provisions of this Act, the Central Bank may, from time to time, where it deems it necessary to do s…
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The Banking Act CAP 488▤
Inspection of institutions
(1) The Central Bank may, at any time and from time to time, and shall, if so directed by the Cabinet Secretary, cause an inspecti…
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The Banking Act CAP 488▤
Information on next of kin
(1) A bank or financial institution licensed under this Act shall, in respect of all accounts operated at the institution, maintai…
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The Banking Act CAP 488▤
Disclosure of information on loans
A bank or financial institution shall, before granting a loan to a borrower disclose all the charges and terms relating to the loa…
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The Banking Act CAP 488▤
Publication of information
(1) The Central Bank or the Cabinet Secretary may publish in whole or in part, at such times and in such manner as it or he thinks…
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The Banking Act CAP 488▤
Time to furnish information
Where the Central Bank or an institution is required to furnish information under this Part, it shall furnish that information and…
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The Banking Act CAP 488▤
Cabinet Secretary may require further information
The Cabinet Secretary may require the Central Bank or an institution to furnish to him, at such time and in such manner as he may…
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The Banking Act CAP 488▤
Furnishing of information
(1) The Central Bank may require any institution and their agencies to furnish to it, at such time and in such manner as it may di…
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The Banking Act CAP 488▤
Collection of information by Central Bank
The Central Bank shall collect such date and other information as may be necessary to enable it to maintain supervision and survei…
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The Banking Act CAP 488▤
Auditor’s duty of confidence
(1) No duty to which an auditor of an institution may be subject shall be regarded as contravened by reason of his communicating i…
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The Banking Act CAP 488▤
Change of auditors to be notified to the Central Bank
(1) No institution shall remove or change its auditor except with the prior written approval of the Central Bank. (2) An auditor o…
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The Banking Act CAP 488▤
Appointment of auditors
(1) Subject to subsection (7), every institution shall appoint annually an auditor (within the meaning of section 3(1) of the Comp…
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The Banking Act CAP 488▤
Submission of accounts to the Central Bank
(1) An institution shall, not later than three months after the end of its financial year, submit to the Central Bank an audited b…
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The Banking Act CAP 488▤
Accounts to be exhibited
(1) Every institution shall— (a) exhibit throughout the year in a conspicuous position in every office and branch in Kenya’ a copy…
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The Banking Act CAP 488▤
Form of accounts
(1) All entries in any books and all accounts kept by an institution shall be recorded and kept in the English language, using the…
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The Banking Act CAP 488▤
Financial year
(1) The financial year of every institution shall be the period of twelve months ending on the 31st December in each year. (2) Whe…
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