2023-11-03 | 1547400567

Banking Circular No. 14 of 2023 - AML CFT CPF Obligations on CDD EDD and Record Keeping

The Central Bank of Kenya (CBK) issues a circular to financial institutions, reminding them of their obligations regarding customer due diligence (CDD), enhanced due diligence (EDD), and record-keeping to strengthen Kenya's anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF) regime. The CBK highlights the need for institutions to understand and apply the amended AML/CFT/CPF laws, with a focus on identifying and verifying beneficial owners and maintaining complete and accurate records. Institutions are also advised to address vulnerabilities in remote onboarding processes to mitigate money laundering and terrorist financing risks.

Kenya

Central Bank of Kenya

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