Enforced Actions
Schedule of Enforcement Actions Processed in 2023
| BANKING SECTOR | ||
|---|---|---|
| Name of Institution | Name of Breach | Enforcement Action Taken |
| National Bank of Malawi | Failure to submit information on credit history of borrowers to credit reference bureaus contrary to paragraph 8 (1) (b) of Financial Services (Submission of Information by Banks) Directive, 2018 | Monetary penalty |
| MICROFINANCE SECTOR | ||
| AHL SACCO | Delayed submission of 2021 audited financial statements contrary to section 37 (1) of Financial Services Act, as read with paragraph 6(3) of the Financial Services (Reporting Requirements for Savings and Credit Cooperative Societies) Directive, 2013 | Administrative penalty in form of written warning |
| Thyolo Teachers SACCO | Payment of honoraria and bonuses without approval of members at annual general meeting and without Board approved policy contrary to section 24 of the Financial Cooperatives Act and paragraph 7 (1) (h) and (g) of the Financial Services (Corporate Governance Requirements for Savings and Credit Cooperative Societies) Directive, 2016 | Suspension of Board and Management pending further investigation and hearing |