Regulatory Alerts2016-10-25
Banking Circular No 2 of 2014 - Implementation of the UN Security Council Resolutions on Central African Republic
On June 9th, 2014, a banking circular was issued to the Chief Executives of commercial banks in Kenya. This circular requested them to open Rwandese Francs Clearing Accounts at the Central Bank of Kenya (CBK). The purpose of these accounts is for transacting East African Payment System (EAPS) transactions involving Rwanda, as this country had successfully completed its User Acceptance Testing phase and was now ready to join EAPS live environment. To open these accounts, commercial banks were instructed to send a signed letter to the Director of Banking Services & Risk Management Department at CBK. After the accounts were confirmed, they were required to fill in mandate application forms to introduce their authorized signatories for processing and submit them with a forwarding letter. The entire process needed to be completed by Wednesday, June 18th, as it was a prerequisite for go-live. Any clarifications could be sought from Corazon Kamaan or Monica Oraro at the provided contact information.