Regulatory Alerts2012-10-09
Banking Circular No 7 of 2012 - Suspicious Transaction Reports
This communication is a banking circular issued by the Central Bank of Kenya to all Principal Officers of Forex Bureaus regarding Suspicious Transaction Reports (STRs). The Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) 2009 requires Reporting Institutions, including forex bureaus, to monitor and report suspicious transactions to the newly established Financial Reporting Centre (FRC). Prior to the FRC's establishment, forex bureaus were submitting STRs directly to the Central Bank of Kenya using FORM/CBK/FXD/5. However, with the operationalization of the FRC on 12th April 2012, all forex bureaus are now required to submit their STRs directly to the FRC at the given address and contact details. The same format for submitting STRs to the FRC will be used until further notice by the FRC. Any questions or clarifications should be directed to The Interim Director of the Financial Reporting Centre or the Director of Bank Supervision Department at Central Bank of Kenya.