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Technical officers of member institutions attending the workshop

KDIC meets stakeholders to enforce compliance

The Kenya Deposit Insurance Corporation (KDIC) has moved to ensure timely compliance with the relevant sections of the KDI Act 2012 by member institutions, especially the requirement on the submission of information and data.

According to section 40 of the Act, “The Corporation or any person authorized in that behalf by the Corporation may, by notice in writing, require any person to furnish to the Corporation or to the authorized person, within such period as specified in the notice, all such returns or information as directed in such notice.” 

Consequently, the Corporation conducted a sensitization workshop for technical officers of member institutions aimed at meeting KDIC’s strategic objectives. The well- attended workshop here in Nairobi, saw the officers taken through the concept of Deposit Insurance, information and data submission, the attendant requirements and compliance processes.

During the workshop that was largely interactive, participants were given an opportunity to field their questions and seek clarification on areas of concern.

Addressing participants, Paul Manager, Risk and Examination General Manager, emphasized on the need to strictly comply with set timeliness for quarterly reporting to avoid penalties.

The Corporation has lined up a series of similar meetings in the coming days key among them being that of Bank CEOs.