A Restricted Licence Finance Companies must submit reports to the Central Bank in the prescribed form, frequency and timeframe, which are established by the Central Bank from time to time.
31.2
Restricted Licence Finance Companies shall report the following to the Central Bank, at intervals stipulated by the Central Bank:
a.
Financial position;
b.
Description of its products and services;
c.
Description of its Fee structure;
d.
Description of its customer base;
e.
Details of its credit portfolio, including size and demographic allocation;
f.
Portfolio in arrears and defaults;
g.
Description of complaints received and resolution status of these complaints;
h.
All fraud related activity including internal, external and attempted cases of fraud;
i.
Details of vulnerabilities identified in the online systems and security;
j.
Details of contracts/Outsourcing arrangements ; and
k.
Any other information requested by the Central Bank.
31.3
A Restricted Licence Finance Company must immediately notify the Central Bank of any changes in its ownership and/or senior management.
31.4
Restricted Licence Finance Companies and Agents must maintain adequate and accurate books and records at all times in respect of their business, agreements, contracts and accounting records, in line with the relevant legal framework.
31.5
Restricted Licence Finance Companies and Agents must demarcate and segregate their business in respect of Licensed Financial Activities from any other business as it relates to the maintenance of separate accounting and accounts; and segregating files and other information.
31.6
Restricted Licence Finance Companies and Agents must maintain the strictest standards of Borrower data protection and information confidentiality and security, including implementing the necessary systems and controls to ensure such standards are met.
31.7
All documents, records and materials must be made available for inspection by the Central Bank from time to time at the request of the Central Bank and/or during the conduct of assessments, including Central Bank onsite examinations, other third party reviews requested by the Central Bank and/or special audits by an external auditor.
31.8
The records maintained by Restricted Licence Finance Companies and Agents must include:
a.
Historical records of information displayed online (websites / social media / any other media) and any print copies, if applicable, displaying the Restricted Licence Finance Company’s and Agent’s promotional communication, advertisements or online banners and tag lines;
b.
Internal policies, procedures and operating documents;
c.
Corporate and financial records and general ledger and sub-ledgers;
d.
Reports and statements issued to Borrowers and regulators;
e.
Any contracts, agreements, Credit Reports, communications and other documents related to Borrowers;
f.
Records demonstrating that the Restricted Licence Finance Company or Agent has control mechanisms in place to address complaints and grievances;
g.
Records of Borrowers’ complaints and resolution status;
h.
Management information, accounts and communications;
i.
Human resource records;
j.
Information technology architecture and security related documents; and