CEOs in tight spot on corporate breaches
Tuesday January 19 2021
Summary
Over the past couple of years in Kenya, we have seen increased regulatory reforms championed by local regulators, notably the Central Bank of Kenya (CBK), the Capital Market Authority (CMA), the Financial Reporting Centre (FRC) and the Insurance Regulatory Authority (IRA).
Some of the corporate conduct breaches that management and directors may be held personally liable for include violations related to customer data privacy and financial crimes relating to money laundering and terrorism financing.
The global financial crisis of 2007-2008 will long be remembered for the turmoil it caused to the banking industry. Some well-established banks previously thought to be too big to fail came crumbling down overnight.