Regulatory Alerts2014-04-01 | 732590154Banking Circular No 2 of 2014 - Implementation of the UN Security Council Resolutions on Central African Republic
The Central Bank of Kenya has issued a circular to commercial banks, mortgage finance companies, and microfinance banks regarding the implementation of UN Security Council Resolutions on the Central African Republic (CAR). The situation in CAR has been characterized by a breakdown in law and order, leading to the imposition of sanctions against individuals and entities involved. Institutions are advised to access and understand the resolutions, monitor the proceedings and decisions of the UN Security Council Committee, and implement the specified measures once a list of designated individuals and entities is issued. The circular also highlights the relevance of the Proceeds of Crime and Anti-money Laundering Regulations, 2013, in prohibiting wire transfers to and from designated persons or entities.