Regulatory Alerts2023-10-05 | 14096872Added · Updated
Payments Circular No. 9 of 2023 Guidance Beneficial Ownership
The Central Bank of Kenya (CBK) issued a circular to payment service providers, addressing deficiencies in Kenya's anti-money laundering and terrorism financing regime identified in a mutual evaluation report. The CBK provides guidance on the obligations of reporting institutions to identify and verify the identity of beneficial owners of legal persons and arrangements, including defining a "beneficial owner" and outlining the requirements for reporting institutions to amend policies, identify and verify beneficial owners, maintain records, and submit reports to the CBK.
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