Regulatory Alerts2019-01-01
Anti-Money Laundering (Amendment) Regulations, 2019
The Minister for Finance and Planning issued these 2019 regulations to amend the principal Anti-Money Laundering Regulations by mandating risk-based customer due diligence and board-approved compliance policies for reporting persons. The amendments update customer identification requirements to include tax numbers and thumbprints, establish mandatory money laundering and terrorist financing risk assessments, and introduce enhanced and simplified due diligence measures tailored to high- and low-risk scenarios. Reporting persons must now maintain documented risk management procedures, apply targeted monitoring based on customer and geographic factors, and face daily fines of one to five million shillings for non-compliance, while senior Financial Intelligence Unit employees must declare their financial positions.