2017-05-30

Banking Circular No. 2 of 2017 - Unlicensed Deposit Taking Entities and Pyramid Schemes

This banking circular reminds all commercial banks to comply with the relevant guidelines and laws on anti-money laundering and combating financing of terrorism. It specifically warns them against dealing with or offering services to any unlicensed entity engaged in activities involving the mobilization of funds from the public, such as Ponzi/pyramid schemes. Institutions must conduct customer due diligence measures, monitor accounts, and report suspicious activities. Any failure to follow this directive will result in appropriate administrative action.

Kenya

Central Bank of Kenya

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