Regulatory Alerts2023-10-18 | 1366238125Central Bank of Kenya Circular No. 11 of 2023 - Dissemination of ML-TF-PF Sectoral Risk Assessment Report
The Central Bank of Kenya has conducted a sectoral risk assessment of financial sectors under its supervision, including commercial banks, microfinance banks, money remittance providers, foreign exchange bureaus, digital credit providers, and payment service providers. The assessment rates each sector's vulnerability to money laundering, terrorist financing, and proliferation financing risks, with the banking sector identified as the most vulnerable due to its size and significance in the Kenyan economy. The report advises financial institutions to consider these findings when conducting their own risk assessments and applying a risk-based approach to mitigate these risks.
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