Section 9, The Banking Act, 2019

(1) The Central Bank may revoke a licence granted underparagraph (a) of subsection (5) section 8 if it is satisfied that - (a) the licensee has failed to fulfill or comply with the terms and conditions stipulated in the licence; (b) the licensee has failed to comply with any obligation imposed on it by this Act; (c) the licensee has provided false, misleading or inaccurate information in connection with an application for a licence; (d) the interests of depositors or potential depositors are threatened, whether by the manner in which the licensee is conducting or proposes to conduct its affairs or for any other reason; (e) the licensee has become insolvent; (f) the licensee has failed to raise its capital to the levels necessary to rectify its significant under-capitalisation or its financial position continues to deteriorate before the end of the periods specified in paragraph (a) of subsection (1) of Section 67; (g) the licensee or person in the senior management, in a situation where the crime is committed with the acquiescence of the licensee is convicted of money laundering and terrorist financing activities or any other financial crime; (h) the licensee has failed to commence business within 6 months from the date of the licence; (i) the licensee has ceased to carry on business; or (j) any serious crime. (2) Where in the case of a subsidiary of a foreign bank, it appears to the Central Bank that the home Central Bank has withdrawn its consent required to be issued under subparagraph (i) of paragraph (a) of subsection (2) of section 8, the Central Bank may- (a) restrict transactions between the bank and the financial holding company; or (b) revoke the licence of the subsidiary foreign (3) Where the Central Bank revokes a licence granted under section 8 the Central Bank shall- 24 25 Revocation of licence. (a) place the bank or financial holding company in receivership. (b) immediately publish notice of the revocation of the licence on its website or any other media that may be deemed appropriate; (c) immediately notify the Deposit Protection Fund of the revocation of licence of a bank or financial holding company.