Section 64, The Banking Act, 2019

(1) Where the Central Bank has determined that a Chief Executive Director, key management personnel, other employee or shareholder of a bank or financial holding company has - 78 79 Appointment of advisor. Sanctions against errant chief executives, etc. (a) violated this Act, regulations, rules or directives made under the Act; (b) violated any condition or restriction attached to a licence issued or registration granted by the Central Bank; (c) engaged in an unsafe or unsound banking practice. the Central Bank may take one or more of the following actions - (i) issue an order to that person to take such remedial action as the Central Bank may specify within a stated period of time; (ii) impose an administrative penalty on that person for each day that the violation continues provided that any fines shall be of similar amount for entities with comparable total assets for the same type of violation; (iii) require that person to reimburse the bank or financial holding company for losses caused by such violations; (iv) prohibit that person from direct or indirect exercise of voting rights attached to shares of the bank or (v) suspend or remove that person from office or restrict the powers of that person; (vi) prohibit the payment of dividends to that person; or (vii) suspend or remove any or all of the directors on the board of the bank or financial holding company. (2) Where the Central Bank determines that a Chief Executive, Director, key management personnel or employee of a bank or financial holding company- (a) has wilfully or repeatedly violated an order made by the Central Bank under section 62; (b) has engaged in an unsafe or unsound practice that has resulted in material loss to the bank or financial holding company or financial gain to that person; or (c) has conducted its affairs in a manner detrimental to the interest of its depositors and creditors, the Central Bank may, in addition to its power to take action under section 62, take any one or more of the following actions- (i) direct the dismissal of that person from the bank or financial holding company; (ii) prohibit that person from serving in or engaging in the banking business for a stated period; (iii) impose administrative penalties on that person for each day that the violation continues; and (iv) require that person to dispose of all or any part of his direct or indirect interest in the bank or financial holding company or cease to hold a significant interest in the bank or financial holding company.