Regulatory Alerts2023-10-05 | 1820451791Central Bank of Kenya Circular No. 10 of 2023- Guidance n Beneficial Ownership
The Central Bank of Kenya (CBK) has issued a circular to financial institutions, providing guidance on their obligations to identify and verify the identity of beneficial owners of legal persons and arrangements. This follows a mutual evaluation of Kenya's anti-money laundering and terrorism financing regime, which identified deficiencies in the country's AML/CFT/CPF legal and regulatory frameworks. The CBK now requires financial institutions to take measures to identify and independently verify the identity of ultimate beneficial owners, maintain up-to-date records of BO information, and submit amended policies and procedures, as well as reports on updated BO records and addressed deficiencies, by specified deadlines.
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