Regulatory Alerts2012-10-09
Banking Circular No 8 of 2012 - Suspicious Transaction Reports (STRs)
This circular is addressed to all Principal Officers of Forex Bureaus in Kenya and serves as a reminder regarding the submission of Suspicious Transaction Reports (STRs) as per Section 44(2) of the Proceeds of Crime and Anti-Money Laundering Act, 2009. The Financial Reporting Centre (FRC), established under this act, is now fully operational as of April 12th, 2012. From October 10th, 2012, Forex Bureaus are required to forward all STRs directly to the FRC at the specified address or using the provided FORM/CBK/FXD/5 form until further notice from the FRC regarding a new format. The FRC was established as an independent body to assist in the identification of crime proceeds and combating money laundering, with functions and powers encompassing receiving and analyzing reports of suspicious transactions submitted by Reporting Institutions like Forex Bureaus. Any queries or clarifications related to this circular should be directed to The Interim Director at the FRC's office, or the Director at the Central Bank of Kenya. This directive emphasizes the importance of proper communication and compliance with anti-money laundering regulations in order to maintain the integrity of financial transactions in Kenya.