Regulatory Alerts2023-11-06 | 97309073Added · Updated
Banking Circular No. 15 of 2023 - Highlights of the AML CFT (Amendment) Act 2023
The Central Bank of Kenya (CBK) has issued a circular to commercial banks, mortgage finance companies, and microfinance banks, highlighting the key amendments made to the country's anti-money laundering and counter-terrorism financing (AML/CFT) legislation. The amendments are in response to deficiencies identified in Kenya's mutual evaluation report by the Eastern and Southern African Anti-Money Laundering Group. The CBK has analyzed the amendments and provided instructions to financial institutions, advising them to obtain a copy of the AML/CFT (Amendment) Act, 2023, and immediately implement the changes while maintaining complete records of their actions.
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