Licensing Regime for Financial Institutions
New Sections and Amendments
The licensing regime for financial institutions has undergone significant changes with the introduction of new sections and amendments to existing provisions.
False or Misleading Statements
A person who makes a false or misleading statement in an application for a licence or renewal of a licence, or in any document furnished under this Act to the Commissioner with or in support of or in connection with an application for a licence or renewal of a licence, commits an offence and is liable to a fine not exceeding five thousand shillings.
Refusal to License
When the Board refuses to license an application or renewal or alteration of a license, the Board shall record the reasons for its decision and shall furnish copies thereof to the applicant and the Minister.
Changes to Licensing Provisions
- Section 196(1): Cancellation of Licence - A licensed person may request, by notice in writing, that their licence be cancelled either totally or in respect of any particular part of their business. The Commissioner may cancel the licence, subject to such terms and conditions as he considers necessary.
- Section 196(2): Issuance of New Licence - Where a licence is cancelled, the Commissioner may issue a new licence for any part of the business.
- Section 196(3) and (4): Deleted Provisions - These sections have been deleted and replaced with new provisions.
Powers on Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing
The Authority shall regulate, supervise and enforce compliance for anti-money laundering, combating the financing of terrorism and countering proliferation financing purposes by all reporting institutions regulated and supervised by the Authority.
Penalties for Violations Relating to Money Laundering, Terrorism Financing
A person who violates or fails to comply with any provision of the Proceeds of Crime and Anti-Money Laundering Act, 2009, or any regulation, guideline, rule, direction or instruction issued under the said Act or under this section shall be liable to penalties.
Rights and Fundamental Freedoms
All persons subject to this Act shall enjoy all rights and fundamental freedoms enshrined in the Constitution unless limited to the extent specified in Article 24 of the Constitution, this Act or any other Act.