Regulatory Alerts2015-03-19
Banking Circular No 2 of 2015 - Implementation of the UN Security Council Resolutions on Sudan
The Central Bank of Kenya has issued a circular regarding the implementation of United Nations Security Council Resolutions 1591 (2005) and 1672 (2006) on Sudan. These resolutions impose sanctions, specifically a freeze on funds, financial assets, and economic resources owned or controlled by certain designated individuals due to violence and human rights violations in Darfur. Banks, mortgage finance companies, and microfinance banks are directly affected by these resolutions and are required to: 1. Access and obtain the relevant UN Security Council Resolutions on Sudan from their website or other sources. 2. Internalize the requirements of these resolutions and report back to the Central Bank regarding any dealings with designated persons, measures taken to implement Clause 3(e) of UN Security Council Resolution 1591 (2005), and any Kenyan nationals who have availed funds or resources to these individuals. 3. Submit their feedback by 25th March 2015 so that the Central Bank can report to the Ministry of Foreign Affairs and International Trade accordingly.