2023-10-05 | 1238399502

Banking Circular No. 10 of 2023 - Guidance on Beneficial Ownership

The Central Bank of Kenya (CBK) has issued a circular to commercial banks, mortgage finance companies, and microfinance banks, providing guidance on their obligations to identify and verify the identity of beneficial owners of legal persons and arrangements. This follows a mutual evaluation of Kenya's anti-money laundering and terrorism financing regime, which identified deficiencies in the country's legal and regulatory frameworks. The CBK has amended relevant acts to address these gaps and now guides financial institutions on the identification and verification process, record-keeping, and reporting requirements.

Kenya

Central Bank of Kenya

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