Regulatory Alerts2023-11-03 | 1521603010Central Bank Circular No. 12 of 2023 - AML CFT CPF Obligations on CDD EDD and Record Keeping
The Central Bank of Kenya (CBK) issues a circular to financial institutions, reminding them of their anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF) obligations, specifically regarding customer due diligence (CDD), enhanced due diligence (EDD), and record-keeping. The CBK highlights the need to strengthen Kenya's AML/CFT/CPF regime and align it with international standards set by the Financial Action Task Force (FATF). The circular provides detailed guidance on CDD, EDD, and record-keeping requirements, including the identification and verification of beneficial owners, risk assessment, and the responsibility of institutions to ensure compliance even when using third parties or agents.