2023-08-14 | 1025202188

Banking Circular No. 6 of 2023 - Implementation of the Recommended Actions in the AML CFT MER of Kenya

The Central Bank of Kenya (CBK) has issued a circular to commercial banks, mortgage finance companies, and microfinance banks, addressing deficiencies in the country's anti-money laundering and counter-terrorist financing (AML/CFT) framework. The CBK directs institutions to develop action plans, allocate resources, and implement measures to address these deficiencies, with a tight deadline for progress. Failure to comply may result in Kenya being placed on the Financial Action Task Force's "grey list," carrying adverse consequences for the country's financial sector and international standing.

Kenya

Central Bank of Kenya

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