2023-10-18 | 361663639

Banking Circular No. 12 of 2023 - Dissemination of ML-TF-PF Sectoral Risk Assessment

The Central Bank of Kenya (CBK) has conducted a sectoral risk assessment to identify and understand money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks in various sectors under its supervision. The assessment found that the banking sector has the highest vulnerability to ML/TF/PF due to its size and importance in the Kenyan economy. Digital credit providers pose the lowest risk. The purpose of this circular is to inform financial institutions of the assessment's findings and to advise them to consider these risks when conducting their own institutional risk assessments and applying a risk-based approach to AML/CFT/CPF measures.

Kenya

Central Bank of Kenya

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