Regulatory Alerts2023-10-18 | 361663639Banking Circular No. 12 of 2023 - Dissemination of ML-TF-PF Sectoral Risk Assessment
The Central Bank of Kenya (CBK) has conducted a sectoral risk assessment to identify and understand money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks in various sectors under its supervision. The assessment found that the banking sector has the highest ML/TF/PF vulnerability due to its size and diverse operations, while digital credit providers pose the least risk. Financial institutions are advised to consider these findings when conducting their own risk assessments and applying a risk-based approach to mitigate ML/TF/PF risks.
Tags
aml