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.
9th June 2014 HANK KUU YA KENYA
Haile Selassie Avenue P. O. Box 60000 - 00200 Nairobi, Kenya Telephone: 2860000, Fax: 340192 BANKING CIRCULAR NO. 3 OF 2014 ALL CHIEF EXCECUTIVES OF COMMERCIAL BANKS
Opening Of Eaps Rwandese Francs Accounts
The East African Payment System (EAPS) was officially launched on 16th May 2014 by the EAC Central Bank Governors. Currently, the Countries participating in exchange of live messages are Kenya, Uganda and Tanzania. Rwanda has completed the User Acceptance Testing (UAT) phase and is now ready to join in the live environment. The purpose of this circular is to request all Commercial Banks to open Rwandese Francs Clearing Accounts in the Central Bank of Kenya. The Clearing Accounts will be used to transact EAPS transactions in Rwandese Francs in the live environment. The procedure for opening these Account are as follows: 1.
Apply by a letter duly signed by two authorized signatories, to Director, Banking Services & Risk Management Department, requesting to open EAPS Accounts for the Rwandese Francs.
After the Accounts have been opened and confirmed, fill in the mandate application forms to introduce the signatories to the Account as per the guidelines. The completed mandate forms should be returned to the Central Bank of Kenya for processing vide a forwarding letter addressed to the Director, Banking Services & Risk Management Department, clearly indicating that they are for EAPS Accounts.
Once the mandate forms have been processed the Central Bank of Kenya will thereafter send an acknowledgement with the processed copy attached, advising the Commercial Banks of their Rwandese Francs participation in the EAPS upon successful fulfillment of (1) to (3) above.
The process should be completed by Wednesday, 18th June 2014 as it is a pre-requisite for go-live.
For any clarification(s), please contact Corazon Kamaan E-mail: KamaanCK(@centralbank.go.ke Tel: 2861593 or Monica Oraro E-mail: OraroMOA@centralbank.go.ke Tel: 2861589.
Mark L. Lesiit DIRECTOR BANKING SERVICES, NPS & RISK MANAGEMENT DEPARTMENT