Regulatory Alerts2023-10-05
Banking Circular No. 10 of 2023 - Guidance on Beneficial Ownership
This guidance issued by CBK provides a robust and clear framework for all financial institutions to follow when it comes to identifying, verifying and monitoring the beneficial ownership of their customers. It is important that these guidelines are implemented in full to ensure compliance with AML/CFT requirements and minimize the risk of being used by criminals or those involved in money laundering activities. Financial institutions should also regularly review and update their policies and procedures based on any changes in regulations, technology, or business practices. Additionally, they should maintain effective communication channels with relevant authorities such as the CBK to report any suspicious activities or transactions and seek guidance when needed. By following these guidelines and working collaboratively with law enforcement agencies, financial institutions can play a crucial role in combating financial crimes and promoting transparency and integrity within the Kenyan financial sector.