Regulatory Alerts2016-08-12
Central Bank Circular No 1 of 2016 - Implementation of Communications on Specified Entities
The Central Bank of Kenya has issued a circular notifying all foreign exchange bureaus of the specified entities determined by the Counter Financing of Terrorism Inter-Ministerial Committee on March 14, 2016. These entities include terrorist organizations like Al-Shabaab, Al-Qaeda, Boko Haram, and the Islamic State of Iraq and Syria (ISIS), as well as some individuals involved in terror activities. The purpose of this circular is to instruct institutions to freeze accounts, properties, and cease providing financial services to these specified entities, in compliance with the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations, 2013. Financial institutions are also required to file suspicious transaction reports with the Financial Reporting Centre and update the Central Bank within 48 hours of this circular. Any inquiries or clarifications should be directed to the Director of Bank Supervision at the Central Bank of Kenya.