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Browsing: Anti money laundering in Kenya
Central Bank of Kenya has cracked the whip against the Absa Bank in Kenya for failure to conduct proper tracing of the source of money in a flagged transaction in March 2020. Consequently, the regulator has slapped the bank with a week- from Thursday, April 9 to Wednesday, April 15, 2020- suspension from trading in forex.
In a statement, CBK notes that this failure contravenes anti-money laundering regulations which stipulates adherence to the proper tracing of funds passing through the bank.
A statement by CBK reads, “In investigating these and other earlier transactions it is evident that Absa Kenya did not have a satisfactory assurance of the underlying commercial transactions supporting these trades, as is required, nor did the bank ensure the standard checks on anti-money laundering and combating the financing of terrorism (AML/CFT) and know-your-customer (KYC) requirements were applied.”
Kenya has been keen to contain the flow of illicit …