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BAFIA ACT 1989 (AMENDMENT 2010) - Coggle Diagram
BAFIA ACT 1989 (AMENDMENT 2010)
THE NEED FOR BAFIA
To regulate operation and conducts of FI
POWERS OF SUPERVISION
To monitor and control FI
CONSEQUENCES OF BREACH
prosecutors will seek criminal sanctions against the bank
Offences and penalties, jail term and fines
SALIENT FEATURES :
The licensing of banks and other FI
Restrictions in respect to deposits
Requirements for maintaining reserve fund, capital funds, liquid assets, furnishing fin. info.
Restrictions on business of licensed institutions
Powers of supervision and control over licensed institutions
Licensed institutions' duty of secrecy
INSTITUTIONS UNDER BAFIA
Licensed institutions
Schedules institutions
Non schedule institutions
MAJOR PROVISIONS IN BAFIA
Deposit taking
Power and duties of auditors
Shareholding
Power s of investigation, search and seizure
Secrecy
Electronic fund transfer
Local incorporation
Penalties