Section 54, The Banking Act, 2019

(1) For the purposes of regulating banks or financialholding companies under section 55, the Central Bank may require a bank or financial holding company to submit, at such intervals and in such form as the Central Bank may specify, information and periodic returns on one or more of the following - (a) assets and liabilities and financial position on an individual basis and where applicable, on a consolidated basis; (b) information required for statistical purposes; (c) a bank's or financial holding company's offices and branches; Open foreign exchange positions. Power to impose prudential limits. Regulations, directives, guidelines. (d) such information that a bank or financial holding company is complying with this Act; (e) any other information or returns as the Central Bank may consider necessary. (2) The Central Bank may enquire and request for clarification of any information submitted under subsection (1). (3) The Central Bank may require persons and institutions including significant shareholders, service providers, customers and any other person to supply in such form as the Central Bank may from time to time direct, information relating to matters affecting a bank, financial holding company or the financial system as a whole. (4) A bank or financial holding company shall report to the Central Bank, immediately it becomes aware, of any material information or development concerning - (a) changes in the activities, structure and overall condition of the bank or financial holding company particularly where there is an existing or likely failure to meet its responsibilities under this Act; (b) the suitability of a major shareholder or a party that has a controlling interest or any development that may affect compliance of directors and key management personnel with this Act. (5) The Central Bank may require a bank or financial holding company to take corrective measures within a specified time to address any deficiency contained in the report submitted to it by a bank or financial holding company under this section. Information and periodic returns (6) A bank or financial holding company which fails to comply with any of the requirements under this section including - (a) non submission; (b) incomplete submission; (c) delayed submission; (d) inaccurate submission; or (e) submission of false information, data, statements or returns, shall be liable to an administrative penalty, for each day during which the non-compliance continues. (7) This Section shall also apply to all branches, agents or offices of a bank or financial holding company.