Regulatory Alerts2023-06-15
Banking Circular No. 4 of 2023 - Report on The National Risk Assessment on Money Laundering and Terrorism Financing and The Mutual Evaluation Report for Kenya
Kenya's National Risk Assessment (NRA) and Mutual Evaluation Report (MER) for the country's Anti-Money Laundering, Combating the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF) regime have been released. The NRA assessed Kenya's overall money laundering threat level as medium with national vulnerability assessed as medium high, while the overall terrorism financing threat was evaluated as medium and overall vulnerability as medium-low. The MER found improvements in AML/CFT legal and institutional frameworks but highlighted gaps related to terrorism financing, beneficial ownership, and new technologies. These reports will guide further enhancement of Kenya's financial system through collaboration with licensees, institutional ML/TF risk assessments, and implementing recommendations from the NRA and MER."