2015 BANKING AMEl'-;TIMENT No.12 28F Customer complaints procedures (1) Every banking institution shall establish procedures for dealing with complaints made by customers and members of the public concerning their relations with the banking institution, and shall- (a) display a notice in the public portion of each of its branches and premises where it conducts banking business, explaining the procedures and the manner in which complaints are to be made and dealt \Vith; and (b) designate an employee in each of its branches and premises where it conducts banking business as a customer service officer responsible for receiving and dealing with complaints from its customers and members of the public. (2) Every banking institution shall keep a record of every complaint it receives and the way in which it was dealt with, and shall preserve the record for two years or such longer period as may be prescribed. 28G Civil penalties for non-compliance by banking institutions with Part IVA Subject to section 73, a banking institution that fails to comply with any provision of this Part shall(a) be liable for a civil penalty of fifty United States dollars (or the maximum monetary figure specified from time to time for level four, whichever is the lesser amount) for each day the institution remains in default, not exceeding a period of one hundred and eighty-one days; and (b) if the institution continues to be in default after the period specified in paragraph (a), be guilty of an offence and liable on conviction to(i) a fine not exceeding level fourteen; and (ii) a fine not exceeding level fourteen or to imprisonment for a period not exceeding six months or to both such fine and such imprisonment in the case of every director or member of the board or governing body of the institution.". 19 Amendment of section 29 of Cap. 24:20 Section 29 ("Minimum capital of banking institutions") of the principal Act is amended by the repeal of subsection (la) and the substitution of"(la) The minimum capital of banking institutions refeued to in subsection ( 1) shall be maintained in such cuuency or in such other form as may be prescribed.". 20 Amendment of section 31 of Cap. 24:20 Section 31 ("Prescription of further financial requirements") of the principal Act is amended in subsection (2) by the insertion after paragraph (e) of the following paragraph"(c 1) the investments and other assets to be held by banking institutions;". 235