2023-11-06 | 1600460259

Central Bank of Kenya Circular No. 13 of 2023 - Highlights of the AML CFT (Amendment) Act 2023

The Central Bank of Kenya (CBK) has issued a circular to financial institutions, highlighting key amendments to the country's anti-money laundering and counter-terrorism financing (AML/CFT) legislation. The amendments aim to address deficiencies identified in a mutual evaluation report by the Eastern and Southern African Anti-Money Laundering Group. Key changes include an expanded definition of "significant shareholder" to include beneficial owners, enhanced customer due diligence requirements, and increased cash transaction reporting thresholds. Financial institutions are advised to obtain a copy of the AML/CFT (Amendment) Act, 2023, and ensure immediate implementation to maintain compliance.

Kenya

Central Bank of Kenya

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