Malawi

Section 57(1) requires a reason connected with the employee's capacity or conduct or the undertaking's operational requirements, and s. 57(2) generally requires giving the employee a chance to respond. Filing a complaint or taking part in proceedings against an employer is not a valid reason (s. 57(3)(g)). If no reason is given, dismissal is presumed unfair (s. 61).

Section 51A lets anyone report suspected corrupt practices to the Bureau or police, keeps identifying information inadmissible in most cases and conceals identifying details in records (s. 51A(2)-(3)). Punishing or victimising a whistleblower is an offence carrying a fine of K50,000 and two years' imprisonment (s. 51A(5)).

Section 27(1) requires a reporting institution to appoint a compliance officer and maintain a compliance management programme. The officer must be a senior officer at management level (s. 27(3)(a)). Section 27(4) disapplies the appointment and independent audit requirements for institutions with no more than five employees.

Section 16(1) requires institutions to identify and verify customers before or after entering a business relationship; verification may be completed later where the risk is effectively managed (s. 16(7)). Enhanced measures apply to politically exposed persons (s. 16(2)(d)) and beneficial owners must be identified (s. 16(3)-(6)). If satisfactory identity evidence is not produced, the institution must not open the account or proceed, and must file a report within three days (s. 19).

Section 62(1) requires a reporting institution holding funds of a terrorist to freeze them and report to the Authority within twenty-four hours. A supervisory authority must issue a freezing directive within forty-eight hours where it suspects a reporting institution holds terrorist property (s. 62(2)).

Section 22 sets a minimum retention period of seven years, counted from the last date identity evidence was obtained, the last transaction or correspondence, or account closure or end of the relationship, whichever is later (s. 22(2)).

Section 36(4)-(5) protects people who report financial difficulties, breaches or financial crime to the Registrar from liability for resulting losses, unless the report was made in bad faith. Penalising or prejudicing a reporter is an offence punishable by a K500,000 fine and two years' imprisonment.

Section 23(1) requires a report not later than three days after forming the suspicion and, where possible, before the transaction proceeds.

Section 12(1) bars operating a payment, clearing or settlement system, a remittance or mobile payment service, or issuing payment instruments without a Reserve Bank licence or authorisation. Section 12(4) sets a fine of K50,000,000 and seven years' imprisonment for unlicensed operation. Prior approval is needed for changes in ownership, management or operations (s. 17).