Regulatory Alerts2017-10-12
Banking Circular No. 4 of 2017
The Kenyan government issued a circular in 2017 regarding the implementation of United Nations Security Council Resolutions (UNSCR) 2206, 2290, and 2353. These resolutions concern sanctions on designated South Sudanese nationals due to human rights violations and participation in the armed conflict in South Sudan. Banks and mortgage finance companies are required to enforce an asset freeze on funds, financial assets, and economic resources belonging to these individuals or entities related to them. Institutions must identify any of the designated persons, their associated funds and resources, and immediately freeze those assets. They are also expected to report to the Central Bank of Kenya by November 5th regarding their implementation of these resolutions.