2012-10-09 | 751425116

Banking Circular No 7 of 2012 - Suspicious Transaction Reports

The Central Bank of Kenya is advising financial institutions to submit Suspicious Transaction Reports (STRs) to the newly established Financial Reporting Centre (FRC). The FRC, an independent body that assists in identifying proceeds of crime and combating money laundering, is now operational and has extensive functions and powers, including receiving and analyzing reports of unusual or suspicious transactions. All commercial banks, non-bank financial institutions, and mortgage finance companies are required to forward STRs to the FRC starting October 10, 2012, using the reporting format provided.

Kenya

Central Bank of Kenya

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