Regulatory Alerts2018-03-26 | 326675128Guidance Note on ML-TF Risk Assessment
The Central Bank of Kenya's Guidance Note provides instructions for financial institutions to assess money laundering and terrorism financing risks. It outlines the minimum standards for developing a risk assessment framework, with the board and senior management responsible for its implementation and documentation. The process involves identifying and assessing risks associated with products, services, customers, and geography, followed by a detailed analysis and evaluation of internal controls. The assessment considers the impact and likelihood of risks, assigns weights and scores, and determines residual risk levels. Institutions must report assessment results to senior management, the board, and the Central Bank of Kenya annually.
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