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Suspension and Revocation of Licence or Registration Certificate

The Registrar holds the authority to suspend or revoke the license or registration of a financial institution under various circumstances, including when the institution:

  • Fails to operate, or is likely to operate, its business with integrity, prudence, professional skill, or sound business principles.
  • Finds itself in an unsound financial position or is projected to reach an unsound financial position.
  • Contributes to or fosters instability in the financial system, or is likely to do so.
  • Does not comply with, or is projected to not comply with, a financial services law.
  • Engages in, or is likely to be involved in, financial crime.
  • Provides false information in its application.
  • Fails to commence financial services business under the license within twelve months after being granted the license.
  • Ceases to operate financial services business in Malawi.
  • Disregards a condition attached to the license.
  • Conducts business in a manner that, in the Registrar's opinion, is detrimental to consumers or the general public.
  • Engages in serious deception, in the Registrar's opinion, regarding its financial condition, ownership, management, operations, or other significant facts related to its business, whether towards the Registrar or the general public.
  • Goes into liquidation, is wound up, or dissolved.

In the event of a license or registration suspension, the financial institution is not authorised to conduct financial business during the suspension period. In the case of license or registration revocation, the financial institution must permanently cease to operate as a financial institution.