Regulatory Alerts2016-08-12
Banking Circular No 3 of 2016 - Implementation of Communications on Specified Entities
This banking circular, issued on July 27th, 2016, informs all chief executives of commercial banks and mortgage finance companies in Kenya about the implementation of communication on specified entities by the Counter Financing of Terrorism Inter-Ministerial Committee. The purpose is to forward an attached list of specified entities pursuant to the Prevention of Terrorism Act and its attendant Regulations for information and action. As required, institutions should immediately freeze all accounts including funds in transit for, and properties held by the specified entities, and cease providing financial services to them. In addition, institutions must fully comply with the provisions of the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations, 2013. This includes filing a suspicious transaction report with the Financial Reporting Centre within the timeframe specified by section 44 of the Proceeds of Crime and Anti-Money Laundering Act, 2009. Updates on actions taken must be submitted to the Central Bank within 48 hours of receiving this circular. Any queries or clarifications can be directed to the Director Bank Supervision at the Central Bank of Kenya.