Central Bank of the Republic of Kosovo (CBK)

The Central Bank of Kenya has lowered the applicable interest rate for its Discount (Overnight) Window Facility from 75 basis points above the Central Bank Rate (CBR) to 50 basis points above the CBR. This change, effective immediately, aims to strengthen monetary policy transmission and builds upon earlier reforms. While collateral requirements for advances remain Government of Kenya securities subject to haircut, the existing terms for the Intra-day Liquidity Facility are unchanged, and this circular supersedes all prior related communications.

The Central Bank of Kenya (CBK) has announced changes to the CBK Discount (Overnight) Window Facility. The Monetary Policy Committee (MPC) reviewed and approved these changes on April 8, 2025, aiming to enhance monetary policy transmission and augment reforms announced earlier. Key changes include adjustments to the applicable interest rate and the continuation of securing advances with Government of Kenya securities, while existing terms for the Intra-day Liquidity Facility (ILF) remain unchanged. This circular supersedes all previous circulars on the subject matter and takes effect immediately, as communicated to all Chief Executives of Commercial Banks and Microfinance Banks.

The Central Bank of Kuwait has issued a comprehensive series of circulars mandating standardized operational, financial, and cybersecurity controls for local banks and electronic payment infrastructure providers. These directives require monthly card fraud reporting, prohibit end-user fee collection for e-payment services, and establish strict limits, validity periods, and continuous monitoring for electronic payment links and Buy Now Pay Later services. Regulated entities must also adhere to enhanced anti-money laundering protocols, appoint qualified leadership, maintain business continuity standards, and submit timely financial statements to ensure robust consumer protection across Kuwait’s digital payment ecosystem.

The Central Bank of Kuwait’s Board of Directors issued a comprehensive framework establishing maximum contractual interest rate ceilings for loans, minimum limits for deposits, and the discount and rediscount rates for commercial papers. These regulations tie rate caps to the Central Bank’s announced discount rate, specify exemptions for non-residents and interbank transactions, and mandate periodic amendments to reflect evolving market conditions. The framework systematically updates applicable percentages from 1993 through 2024, ensuring transparent pricing and regulatory compliance across all local banking institutions.

The Central Bank of Kenya, in partnership with the financial industry, is migrating its payment system KEPSS to ISO 20022 standards. This transition is part of implementing the National Payment Strategy 2022-2025 and modernizing the National Payments System (NPS). The adoption of ISO 20022 messages will enhance operational efficiency and provide richer data for analytics. A pilot phase, dress rehearsal, and a proposed go-live date have been scheduled to facilitate this migration process, with the Central Bank closely collaborating with financial institutions throughout.

The Central Bank of Kenya is leading the migration of the domestic high-value payment system (KEPSS) to ISO 20022 standards. This initiative, a part of implementing the National Payment Strategy for 2022-2025, modernises Kenya's payments landscape, enhancing operational efficiency and improving data analytics capabilities. The transition includes a pilot phase from September 16-20, 2024, followed by a dress rehearsal phase on September 23-26, with the official launch set for September 30, 2024. The Central Bank will work closely with financial institutions to ensure a smooth migration process.

The Central Bank of Kenya (CBK) has announced changes to the CBK Discount (Overnight) Window Facility. The Monetary Policy Committee (MPC) reviewed and approved these changes on June 5, 2024, to enhance monetary policy transmission. Key changes include adjusting the applicable interest rate from 400 to 300 basis points above the CBR and maintaining the security of advances with Government of Kenya securities. This circular supersedes all previous circulars on the subject and takes effect immediately.

The Central Bank of Kuwait mandates comprehensive rules and procedures for local and foreign banks seeking to establish branches and representative offices domestically and abroad. Applicants must submit written requests accompanied by detailed economic feasibility studies, demonstrate sufficient capital and robust internal controls, and obtain preliminary approval valid for one year prior to commencing operations. The framework additionally permits licensed foreign banks to open multiple branches by submitting a structured expansion plan, provided they satisfy minimum equity thresholds and secure necessary supervisory clearances.

The Banking (Penalties) Regulations, 2024 outline penalties for violations of the Banking Act and Prudential Guidelines in Kenya. These regulations apply to all institutions and individuals, with penalties ranging from 1 million to 20 million Kenyan shillings for institutions and up to 1 million shillings for individuals. The Central Bank of Kenya is responsible for assessing violations, imposing penalties, and ensuring compliance with the Act. Institutions and individuals have the right to request a review and appeal decisions. Penalties must be paid within the specified timeframe; failure to do so incurs additional daily penalties and civil debt recovery.

The Central Bank of Kenya (CBK) has introduced electronic trading in the interbank foreign exchange market through Electronic Matching Systems (EMS), aiming to enhance efficiency and smooth operations. The CBK, in collaboration with market participants, has developed rules for EMS and emphasized the market-making obligation of commercial banks to establish an efficient market-clearing exchange rate. These changes, including the withdrawal of the maximum spread between indicative two-way quotes, are effective immediately.

Effective immediately, the Central Bank of Kenya (CBK) has introduced Electronic Matching Systems (EMS) in the interbank foreign exchange (FX) market. This follows the announcement on August 29, 2023 regarding changes to operations in the FX market, such as the limit on tenor for swaps and minimum traded amounts. The CBK, in collaboration with market participants, has also developed a set of rules for Electronic Matching Systems (EMS) to enhance efficiency and smooth operation in the market. Consequently, the maximum spread between indicative two-way quotes set at Kes 20 cents previously will no longer apply, allowing for freely negotiated rates and prudent management of FX risk within prudential limits.

These rules and regulations outline the use of Electronic Matching Systems (EMS) for FX trading in the Kenyan Interbank Foreign Exchange Market. All participants must comply with these rules, which cover authorization, trading practices, data management, and dispute resolution. The Central Bank of Kenya retains control over the data and may enforce penalties for violations.

The Central Bank of Kenya (CBK) issues a reminder to Payment Service Providers (PSPs) about their anti-money laundering (AML), countering the financing of terrorism (CFT), and countering the financing of proliferation (CPF) obligations. The CBK highlights the importance of customer due diligence (CDD), enhanced due diligence (EDD), and record-keeping, emphasizing the need to identify and verify the identities of beneficial owners. PSPs are advised to maintain complete and accurate records, understand the amended AML/CFT/CPF laws, and apply them accordingly to mitigate risks.

This is a response from Kenya's Central Bank which provides guidance for financial institutions on Customer Due Diligence (CDD), Enhanced Due Diligence (EDD) and Record Keeping in the context of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations. The Central Bank highlights that all financial institutions must implement CDD measures on customers, regardless of whether they are individuals or entities, to verify their identity and understand the nature of their business relationship. This includes obtaining, verifying and recording necessary information about the customer, such as name, address, date and place of birth, identification document numbers, etc. In addition, financial institutions must apply EDD measures when dealing with high-risk customers or transactions that present a higher risk of money laundering or terrorist financing. These measures may include obtaining additional information about the customer's source of funds, conducting enhanced verification procedures, and maintaining ongoing monitoring of the customer's activity. The Central Bank also emphasizes the importance of record keeping for all financial institutions. They must maintain records of all transactions, both domestic and international, for a minimum period of seven years from the date the relevant business or transaction was completed or following the termination of an account or business relationship. These records should include copies or records of official documents like passports, identification cards, or similar documents, as well as details of any suspicious activities or unusual transactions. The guidance also addresses remote on-boarding and the use of third parties, emphasizing that financial institutions must ensure that adequate CDD and EDD measures are implemented, regardless of the location where the on-boarding or use of third parties occurs. In summary, this circular from Kenya's Central Bank provides important information for all financial institutions about implementing proper AML/CFT procedures. It reminds them of their obligations under Kenyan law to apply CDD and EDD measures when dealing with customers, as well as the importance of maintaining accurate records of all transactions.

Dear [Financial Institution Representative], We trust that you have received our previous correspondence regarding the amendments to the Prevention of Organized Crime Act, 2009 (POCAMLA) as passed by the Kenyan Parliament and assented to by the President. As you are aware, these amendments include significant changes to the Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) regime in Kenya, including the extension of AML/CFT obligations to lawyers and their incorporation as reporting entities under POCAMLA. We would like to share with you our interpretation of these amendments and provide guidance on how they may affect your organization. As always, we encourage you to consult your legal advisors for any specific inquiries or concerns that arise from this communication. 1. Lawyers as Reporting Entities: Under the newly-enacted POCAMLA, lawyers are now considered reporting entities for AML/CFT purposes. This means they must comply with all the same obligations as other financial institutions, including conducting customer due diligence, maintaining records of transactions, and submitting suspicious transaction reports (STRs) to the Financial Reporting Centre (FRC). Lawyers are now subject to the supervision of the Law Society of Kenya (LSK), which has been designated by POCAMLA as a self-regulatory body for this purpose. The LSK will monitor lawyers' compliance with AML/CFT obligations and submit STRs through the FRC. It is important for your organization to understand that any transaction carried out on behalf of clients by lawyers may be subject to the same level of scrutiny as transactions conducted directly by financial institutions. To ensure compliance, you should establish mechanisms for continuous monitoring of transactions involving lawyers and their clients. 2. Inclusion of Law Society of Kenya (LSK): The LSK has been designated by POCAMLA as a self-regulatory body for the purposes of AML/CFT supervision. This means that it is responsible for overseeing lawyers' compliance with AML/CFT obligations, including the submission of STRs to the FRC. The inclusion of LSK in this regulatory framework marks a significant development in the Kenyan financial system, as it establishes a clear and consistent approach to the supervision of lawyers for AML/CFT purposes. Your organization should work closely with the LSK to ensure that STRs submitted by lawyers are accurately and promptly transmitted to the FRC. 3. Countering Financing of Terrorism (CFT) and Countering Proliferation Financing (CPF): POCAMLA has been amended to include explicit provisions for CFT and CPF, in addition to AML. This means that all preventive measures established under POCAML Regulations, 2013 also apply to CFT and CPF. While AML/CFT/CPF share some common elements, it is important to note the distinct objectives of each regime. For example, while CTF aims to prevent the financing of terrorist activities, CPF seeks to prevent the financing of proliferation-related activities. Your organization should ensure that its AML/CFT policies and procedures adequately reflect these differences and are not treated as a single, unified regime. 4. Submission of STRs: Under the revised POCAMLA, reporting institutions are now required to submit STRs to the FRC within two days after suspicion has arisen. This represents an important change from the previous deadline of 15 days, and underscores the need for prompt action in cases of suspected 4. Submission of STRs: Under the revised POCAMLA, reporting institutions are now required to submit STRs to the FRC within two (2)) days after suspicion has arisen. This represents a significant change from the previous deadline of 15 (15) days. Your organization should ensure that it has in place mechanisms for prompt action in cases of suspected As always, we encourage you to consult with your legal counsel regarding these amendments and their implications for your organization. We also recommend that you regularly update yourself on any additional guidance or clarifications issued by the relevant authorities or regulatory bodies. We remain at your disposal for any further assistance or clarification that may be needed in this regard. Yours faithfully, GERAL A. NYAOMA DIRECTOR, BANK SUPERVISION Cc: Mr. Mohamed Nur Ali Chief Executive Officer Kenya Forex and Remittance Association Pioneer Building Kimathi Street, 7th Floor, Room 3 P.O Box 106217-001 NAIROBI Mr. Saitoti Maika Director General Financial Reporting Centre UAP-Old Mutual Towers NAIROBI

The Central Bank of Kenya (CBK) has issued a circular to financial institutions, highlighting key amendments to the country's anti-money laundering and counter-terrorism financing (AML/CFT) legislation. The amendments aim to address deficiencies identified in a mutual evaluation report by the Eastern and Southern African Anti-Money Laundering Group. Key changes include an expanded definition of "significant shareholder" to include beneficial owners, enhanced customer due diligence requirements, and increased cash transaction reporting thresholds. Financial institutions are advised to obtain a copy of the AML/CFT (Amendment) Act, 2023, and ensure immediate implementation to maintain compliance.

The Central Bank of Kenya (CBK) has issued a circular to commercial banks, mortgage finance companies, and microfinance banks, highlighting the key amendments made to the country's anti-money laundering and counter-terrorism financing (AML/CFT) legislation. The amendments are in response to deficiencies identified in Kenya's mutual evaluation report by the Eastern and Southern African Anti-Money Laundering Group. The CBK has analyzed the amendments and provided instructions to financial institutions, advising them to obtain a copy of the AML/CFT (Amendment) Act, 2023, and immediately implement the changes while maintaining complete records of their actions.

The information provided in the document above is an important update on the amendments to the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Act in Kenya. This is a crucial matter, given that financial institutions play a critical role in preventing and detecting money laundering, terrorist financing, and other related financial crimes. The update provides a summary of key amendments to the AML/CFT Act, which includes the following: 1. The inclusion of Law Society of Kenya as a supervisory body for AML/CFT purposes 2. Express provision for countering financing of terrorism (CFT) and countering proliferation financing (CPF) 3. Mandatory submission of suspicious transaction reports (STRs) to the Financial Reporting Centre within two days after suspicion has arisen 4. Increased cash transaction reporting threshold from USD 10,000 to USD 15,000 5. Requirement to maintain all records of domestic and international transactions for seven years or for such longer period as is necessary 6. Introduction of definition of "proliferation acts" and criminalisation of financing of proliferation act The update concludes with instructions for financial institutions regarding the implementation of these amendments. This information is crucial for all financial institutions in Kenya to be aware of, understand, and implement the changes effectively. It's also vital that they keep complete records of actions taken pursuant to the new laws. Therefore, it is advisable for relevant stakeholders within the Kenyan financial services industry to familiarize themselves with these amendments and take appropriate measures to ensure compliance. This will help in protecting the financial system from abuse by criminals and contributing towards a safer and more secure financial environment.

The Central Bank of Kenya (CBK) issues a circular to financial institutions, reminding them of their anti-money laundering (AML), counter-terrorism financing (CFT), and counter-proliferation financing (CPF) obligations, specifically regarding customer due diligence (CDD), enhanced due diligence (EDD), and record-keeping. The CBK highlights the need to strengthen Kenya's AML/CFT/CPF regime and align it with international standards set by the Financial Action Task Force (FATF). The circular provides detailed guidance on CDD, EDD, and record-keeping requirements, including the identification and verification of beneficial owners, risk assessment, and the responsibility of institutions to ensure compliance even when using third parties or agents.

The circular emphasizes the importance of Customer Due Diligence (CDD), Enhanced Due Diligence (EDD) and Record Keeping for financial institutions operating in Kenya. It highlights that these measures are critical components of an effective Anti-Money Laundering, Combating the Financing of Terrorism, and Preventing Proliferation Financing (AML/CFT/CPF) regime. The circular provides guidance on CDD requirements, including identifying customers, verifying their identities, understanding the nature and purpose of their business relationships with institutions, and conducting ongoing monitoring of those relationships. It also underscores that institutions should take a risk-based approach to CDD, applying more rigorous measures to higher-risk customers and situations. In addition, the circular discusses EDD requirements, which apply when there are specific reasons for suspecting that a customer or business relationship might involve ML/TF/PF activities. These measures include conducting additional checks on the source of funds, carrying out more extensive background checks, and keeping detailed records of all transactions. Furthermore, the circular emphasizes the importance of maintaining accurate and complete records of all CDD and transactional information for at least seven years. This is necessary to facilitate prompt reporting to relevant authorities in case of any suspicious activities involving financial institutions and their customers.

The purpose of the circular is to remind and inform financial institutions about their obligations concerning Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and record keeping according to the provisions of the Proceeds of Crime and Anti-Money Laundering Laws, 2009 (POCAMLA) and the Proceeds of Crime and Anti-Money Laundering (Third Amendment) Regulations, 2016 (POCAMLR). In light of recent updates to these laws, the circular serves as a reminder that financial institutions must fully understand their responsibilities under the amended legislation and apply them accordingly. The circular also addresses specific areas where financial institutions may be falling short in meeting these obligations, such as incomplete or insufficient customer identification procedures, failures in verifying the sources of funds and wealth, and deficiencies in keeping proper records. The circular highlights the importance of identifying customers during remote on-boarding processes, implementing systems to verify source of funds and/or wealth, and ensuring that third parties used by institutions are regulated, supervised or monitored by a competent authority. Furthermore, it emphasizes that financial institutions must maintain accurate and complete records related to customer due diligence measures and transactions for a minimum period of seven years. By addressing these issues, the circular aims to strengthen the compliance efforts of financial institutions in Kenya and ensure that they are effectively implementing the AML/CFT/CPF laws to prevent money laundering, terrorist financing, and corruption within their operations.

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.

The Central Bank of Kenya (CBK) has conducted a sectoral risk assessment to identify and understand money laundering, terrorist financing, and proliferation financing (ML/TF/PF) risks in various sectors under its supervision. The assessment found that the banking sector has the highest vulnerability to ML/TF/PF due to its size and importance in the Kenyan economy. Digital credit providers pose the lowest risk. The purpose of this circular is to inform financial institutions of the assessment's findings and to advise them to consider these risks when conducting their own institutional risk assessments and applying a risk-based approach to AML/CFT/CPF measures.

The Central Bank of Kenya (CBK) has conducted a sectoral risk assessment to evaluate the potential risks of money laundering, terrorist financing, and proliferation financing in six different financial sectors. Each sector has been rated using a five-risk rating scale, from Low to High. The banking sector poses the highest risk due to its size, variety of products, diverse customer base, and high level of importance to the Kenyan economy. Digital credit providers pose the least risk. This assessment serves as a reference for financial institutions when undertaking their own institutional risk assessments and implementing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) measures accordingly.

The Central Bank of Kenya (CBK) has recently conducted a sectoral risk assessment to evaluate the country's Money Laundering, Terrorist Financing, and Proliferation Financing (ML/TF/PF) risks. This study considered commercial banks, microfinance banks, money remittance providers (MRPs), foreign exchange (forex) bureaus, digital credit providers, and payment service providers as six sectors. The findings suggest that the banking sector is most vulnerable to ML/TF/PF risks due to its size, diverse products and services, clientele, and economic importance. Digital credit providers have the lowest risk. This sectoral risk assessment report serves as a guide for financial institutions to take into account while conducting their own institutional risk assessments and applying Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) risk-based approach. The CBK has disseminated this report to financial institutions for reference and action purposes.

The Central Bank of Kenya (CBK) has conducted a sectoral risk assessment, classifying commercial banks, microfinance banks, money remittance providers, forex bureaus, digital credit providers, and payment service providers into six sectors. The banking sector is found to have the highest vulnerability to money laundering, terrorist financing, and proliferation financing due to its size and importance in Kenya's economy. In contrast, digital credit providers pose the least risks. CBK's findings are intended to inform financial institutions' institutional risk assessments and application of a risk-based approach (RBA). A sectoral risk assessment report is provided for reference and action.

The Central Bank of Kenya has conducted a sectoral risk assessment of financial sectors under its supervision, including commercial banks, microfinance banks, money remittance providers, foreign exchange bureaus, digital credit providers, and payment service providers. The assessment rates each sector's vulnerability to money laundering, terrorist financing, and proliferation financing risks, with the banking sector identified as the most vulnerable due to its size and significance in the Kenyan economy. The report advises financial institutions to consider these findings when conducting their own risk assessments and applying a risk-based approach to mitigate these risks.

The Central Bank of Kenya (CBK) has issued a new directive on beneficial ownership which came into effect in October 2023. The directive requires financial institutions to identify and verify the natural person who ultimately owns or controls their legal entity clients. This requirement is part of the government's effort to improve transparency and combat money laundering and terrorism financing. Under the new regulation, financial institutions such as banks, microfinance institutions, mobile money service providers, and insurers must establish a robust framework for identifying and verifying the beneficial owner(s) of their clients who are legal persons or legal arrangements. They must also submit an annual report to the CBK on their beneficial ownership information. The regulation defines a Beneficial Owner (BO) as: 1. The natural person who ultimately owns a legal person or arrangement directly or indirectly, through any structure or formation; and 2. The natural person who ultimately controls a legal person or arrangement. Financial institutions are required to identify the natural person(s) on whose behalf a transaction is conducted as part of beneficial ownership. In cases where the client is a nominee director, the substantive director shall be considered the beneficial owner as he/she is the natural person ultimately controlling the legal entity. The new regulation also mandates that financial institutions establish mechanisms to identify independent and reliable sources of information for verifying the identity of beneficial owners. Some of these sources include the Business Registration Services (BRS), Kenya Revenue Authority, Land Registries, other public sources/records, and financial audit reports. Financial institutions must also submit their updated list of shareholders along with their respective shareholdings to the CBK annually and update this information within thirty days when there is a change in beneficial ownership information. The directive from the Central Bank of Kenya (CBK) has put significant focus on transparency, particularly for financial service providers (FSPs), who are now required by law to conduct due diligence, KYC and KYB checks on their clients' Beneficial Ownership Information. The new regulation is also expected to enhance the overall Anti-Money Laundering / Counter-Terrorism Financing (AML/CTF) regime in the country by ensuring that all financial service providers adhere strictly to the prescribed guidelines and best practices related to beneficial ownership verification processes.

This guidance issued by CBK provides a robust and clear framework for all financial institutions to follow when it comes to identifying, verifying and monitoring the beneficial ownership of their customers. It is important that these guidelines are implemented in full to ensure compliance with AML/CFT requirements and minimize the risk of being used by criminals or those involved in money laundering activities. Financial institutions should also regularly review and update their policies and procedures based on any changes in regulations, technology, or business practices. Additionally, they should maintain effective communication channels with relevant authorities such as the CBK to report any suspicious activities or transactions and seek guidance when needed. By following these guidelines and working collaboratively with law enforcement agencies, financial institutions can play a crucial role in combating financial crimes and promoting transparency and integrity within the Kenyan financial sector.

The Central Bank of Kenya (CBK) has issued a circular to financial institutions, 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 AML/CFT/CPF legal and regulatory frameworks. The CBK now requires financial institutions to take measures to identify and independently verify the identity of ultimate beneficial owners, maintain up-to-date records of BO information, and submit amended policies and procedures, as well as reports on updated BO records and addressed deficiencies, by specified deadlines.

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.

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.

The Central Bank of Kenya (CBK) has issued a comprehensive circular outlining its expectations on how banks and other financial institutions in Kenya should identify, verify, monitor and report beneficial ownership (BO) information. The CBK also introduced new rules requiring banks to disclose the real owners of companies that open bank accounts, as part of a global crackdown on money laundering, tax evasion, and financing of terrorism. According to the circular, banks are expected to identify and verify the ultimate beneficial owner(s) (UBO) for both individual and corporate customers. This includes not only natural persons who directly or indirectly own more than twenty-five percent (25%) shares or rights to exercise significant influence but also the natural person(s) on whose behalf a transaction is conducted, regardless of the percentage ownership held. The circular mandates banks to establish mechanisms for independent verification of the identity and BO details using information or data from reliable sources such as Business Registration Services (BRS), Kenya Revenue Authority (KRA), Land Registries, public records, financial audit reports, and other credible sources known or considered by a reporting institution. Banks are also required to update their Know-Your-Customer (KYC) policies and procedures to incorporate the new BO requirements and submit them for review and approval by CBK by December 31st. They must also report annually on their UBOs, including changes in beneficial ownership information within thirty days of any such change. In addition, the circular sets out specific guidelines for institutions that have legal arrangements such as trusts and partnerships, requiring them to identify independent directors and substantive directors where nominee directorships exist. Both the nominee director and the substantive director will be vetted by CBK prior to appointment. The CBK has also extended its vetting process to cover individuals who hold significant shareholdings in reporting institutions, while requiring banks to conduct ongoing due diligence on their customers' BO information. This includes checking whether previously unverified beneficial owners have been correctly identified and verifying the accuracy of existing records. Training programs for bank staff must now include comprehensive coverage of UBO identification and verification procedures. Banks are also required to incorporate this into their internal audit functions, ensuring compliance with all aspects of the new rules. Lastly, banks must retain BO information for as long as prescribed by law.

This circular serves as a reminder to all Chief Executives of Commercial Banks and Mortgage Finance Companies in Kenya to ensure full compliance with the Banking Act, CBK Prudential Guidelines, regulations, and directives. Non-compliance may lead to enforcement action according to the Banking Act. The Central Bank of Kenya has identified various non-compliance issues, including corporate governance, risk classification of assets, provisioning, outsourcing, and unapproved charges for banking services. CBK's mandate is to foster financial stability through its regulation and supervision of banking business.

The Central Bank of Kenya (CBK) has issued a circular to commercial banks and mortgage finance companies, reminding them of the legal and regulatory framework that governs banking business in Kenya. The CBK has identified several areas of non-compliance, including corporate governance, risk classification of assets, provisioning, outsourcing, and charging of fees without approval. The bank reminds institutions of the consequences of non-compliance, which can result in enforcement actions as specified under the Banking Act.

The Central Bank of Kenya (CBK) has issued a circular to commercial banks and mortgage finance companies, reminding them of the legal and regulatory framework that governs banking business in Kenya. The CBK highlights areas of non-compliance with the Banking Act and CBK Prudential Guidelines, including corporate governance, risk classification of assets, provisioning, outsourcing, and charging of fees for banking products. The CBK warns that failure to comply with the regulatory requirements will result in enforcement actions as per the Banking Act.

The Central Bank of Kenya has announced changes to streamline the interbank foreign exchange market, including revised limits on swap tenors, permitting electronic brokerage systems, and lowering the minimum trading amount to USD 250,000. These changes are effective immediately and aim to improve the market's efficiency. The circular communicating these updates was addressed to the chief executive officers of all commercial banks in Kenya.

The Central Bank of Kenya announces changes in operations for the foreign exchange interbank market, effective immediately. These alterations include a tenor limit of 6 months or more on swaps involving non-resident banks; unrestricted tenors for swaps between residents (including within the East African Community); permission to use electronic brokerage systems; and a reduced minimum trade amount in the interbank market from USD 500,000 to USD 250,000. These updates aim to streamline and improve operations within the market.

The Central Bank of Kenya announces revised haircuts for government securities used as collateral for various financial operations, including Vertical Repos, the CBK Discount Window, and the Intra-day Liquidity Facility. These changes are effective immediately and aim to refine operations involving government securities following the launch of the DhowCSD. The haircuts for Treasury Bonds with maturities between 1 and 10 years have been reduced to 5%, while haircuts for Treasury Bonds with maturities over 10 years have been adjusted to 10%.

The Financial Markets Department has revised haircut rates for government securities used as collateral for Vertical Repos, CBK Discount (Overnight) Window and Intra-day Liquidity Facility. Effective immediately, the new applicable haircuts are: 2% for all collateral, 10% for Treasury Bills/Bonds less than one year, 5% for Treasury Bonds between 1 to 10 years, and 10% for those over 10 years. This update follows the launch of DhowCSD on July 31, 2023, which aims at improving operations involving government securities.

The Central Bank of Kenya's Real Time Gross Settlement System (RTGS) rules and procedures outline the settlement of funds between participants, including banks and financial institutions. The document covers eligibility criteria, roles and responsibilities, transaction routing, security, and dispute resolution. It also includes schedules with SWIFT codes, fees, and penalties.

The Central Bank of Kenya has issued a circular announcing changes to the CBK Discount (Overnight) Window Facility, including a reduction in the interest rate and adjustments to the securities required as collateral. These changes aim to enhance monetary policy transmission and are effective immediately. This circular supersedes all previous communications on the matter.

The Central Bank of Kenya's Monetary Policy Committee has approved changes to the CBK Discount (Overnight) Window Facility. Effective immediately, the applicable interest rate on the facility has been reduced by 200 basis points, now at 400 basis points above the Central Bank Rate. Advances will continue to be secured with Government of Kenya securities, subject to a haircut of 10% for Treasury bills and 20% for Treasury bonds. The existing terms for access to the Intra-day Liquidity Facility remain unchanged. These changes align with modernization of monetary policy framework and operations outlined in the White Paper.

The Central Bank of Kuwait issues this standardized nomination form to verify and approve candidates for board membership at a licensed Credit Information Company. The document requires nominees to disclose comprehensive personal, academic, professional, and financial details, including current activities, equity stakes, debt history, and criminal records. Submissions must be accompanied by supporting certificates, verified signatures, and a formal declaration acknowledging penalties for fraud or misleading information under Article 258 of the Penal Code.

The Central Bank of Kenya (CBK) has issued a circular to commercial banks, mortgage finance companies, and microfinance banks, addressing deficiencies in the country's anti-money laundering and counter-terrorist financing (AML/CFT) framework. The CBK directs institutions to develop action plans, allocate resources, and implement measures to address these deficiencies, with a tight deadline for progress. Failure to comply may result in Kenya being placed on the Financial Action Task Force's "grey list," carrying adverse consequences for the country's financial sector and international standing.

The Central Bank of Kenya (CBK) has released Circular No. 2 of 2023, addressed to foreign exchange bureaus, money remittance providers, and digital credit providers, regarding the implementation of recommended actions from the AML/CFT Mutual Evaluation Report of Kenya. The CBK instructs institutions to address substantial deficiencies, develop action plans, and submit progress reports to avoid adverse effects and potential grey listing by the Financial Action Task Force. Non-compliance may result in penalties, impacting international trade and financial transactions.

The Central Bank of Kenya (CBK) has issued a circular to foreign exchange bureaus, money remittance providers, and digital credit providers addressing the recommendations in the AML/CFT Mutual Evaluation Report (MER). Kenya was recently referred to the Financial Action Task Force's (FATF) International Cooperative Review Group (ICRG) process due to weaknesses highlighted in its mutual evaluation. In order to avoid being placed on the FATF "grey list," which would have serious negative consequences, all stakeholders must take immediate and concrete actions to address the MER deficiencies. The CBK has provided a Matrix outlining the deficiencies and requires each institution to develop an Action Plan addressing these issues by August 31, 2023, submit a status report on the current situation regarding identified deficiencies and Recommended Actions by August 18, 2023, and a detailed status report outlining the implementation of the Action Plan by September 15, 2023.

This Kenyan Central Bank (CBK) banking circular emphasizes the need for commercial banks, mortgage finance companies, and microfinance banks to address the deficiencies outlined in Kenya's recent mutual evaluation report (MER) on anti-money laundering and combating the financing of terrorism (AML/CFT). The country has been referred to the Financial Action Task Force's (FATF) International Cooperation Review Group (ICRG) process due to identified weaknesses. If progress is not substantial by October 2023, Kenya may face being grey-listed, which could lead to serious consequences such as adverse impacts on international trade and financial transactions involving the European Union (EU) and other regions. CBK issues directives for institutions to: 1. Critically read and understand the MER, specifically chapters related to money laundering/terrorism financing risks, national policies, preventive measures, and supervision. 2. Develop an action plan addressing deficiencies and implement it expeditiously. A copy of this action plan should be submitted by August 31, 2023. 3. Prepare a report on the institution's current status concerning identified deficiencies and provide it to CBK by August 18, 2023. 4. Allocate sufficient resources, such as time, personnel, and finances, to efficiently implement action plans. 5. Prioritize addressing MER deficiencies given the tight deadline for submitting a progress report to ICRG. 6. Document every action taken to address deficiencies and accompanying documentation should be submitted. 7. Submit a report on the status of implementation by September 15, 2023. This is crucial as it supports CBK's consolidated banking sector report submission to ICRG by September 30, 2023.

The Monetary Policy Committee (MPC) of the Central Bank of Kenya (CBK) has approved changes to the CBK Discount (Overnight) Window Facility. These changes include reducing the applicable interest rate on the facility from 600 basis points above the CBR to 400 basis points above the CBR and maintaining Government of Kenya securities as collateral, with a haircut of 10 per cent for Treasury bills and 20 per cent for Treasury bonds. These changes are in line with the White Paper on Modernization of the Monetary Policy Framework and Operations and become effective immediately.

The Central Bank of Kenya (CBK) has announced changes to its discount window facility, reducing the interest rate and continuing to secure advances with government securities. These changes are intended to enhance monetary policy transmission and are effective immediately. This circular supersedes all previous communications on the matter.

The Central Bank of Kuwait issues updated AML/CFT instructions mandating exchange companies, local banks, and financing companies to implement comprehensive internal policies, risk assessments, and customer identification procedures. These regulations require entities to conduct enhanced due diligence for high-risk customers and Politically Exposed Persons, verify actual beneficiaries, and report suspicious transactions to the Kuwait Financial Intelligence Unit. Furthermore, the framework standardizes compliance monitoring, staff training, and periodic policy reviews to mitigate money laundering and terrorism financing risks across the financial sector.

The Central Bank of Kuwait issues comprehensive Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) instructions requiring local banks, financing companies, and exchange companies to implement risk-based customer due diligence, appoint senior compliance officers, and report suspicious transactions to the Kuwait Financial Intelligence Unit. These directives mandate board-approved internal policies, continuous staff training, and strict identity verification for deposit transactions and safe deposit box leases. Furthermore, the regulations align domestic operations with United Nations Security Council resolutions on terrorism and weapons of mass destruction proliferation financing while establishing clear protocols for high-risk jurisdictions and electronic correspondence.

The Central Bank of Kuwait issues comprehensive Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) instructions requiring local banks, financing companies, and exchange companies to implement risk-based customer due diligence, appoint senior compliance officers, and report suspicious transactions to the Kuwait Financial Intelligence Unit. These directives mandate board-approved internal policies, continuous staff training, and strict adherence to UN Security Council resolutions on terrorism and weapons of mass destruction proliferation financing. By superseding prior circulars, the framework standardizes identity verification, safe deposit box leasing procedures, virtual asset transactions, and high-risk jurisdiction management across all regulated financial entities.

The Central Bank of Kenya has reviewed and committed to conducting its foreign exchange market activities in alignment with the principles of the FX Global Code. The bank acknowledges the Code's recognition as a set of good practices and confirms its role as a Market Participant. It has taken appropriate steps to ensure its activities adhere to the Code's standards.

Kenya's National Risk Assessment (NRA) and Mutual Evaluation Report (MER) for the country's Anti-Money Laundering, Combating the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF) regime have been released. The NRA assessed Kenya's overall money laundering threat level as medium with national vulnerability assessed as medium high, while the overall terrorism financing threat was evaluated as medium and overall vulnerability as medium-low. The MER found improvements in AML/CFT legal and institutional frameworks but highlighted gaps related to terrorism financing, beneficial ownership, and new technologies. These reports will guide further enhancement of Kenya's financial system through collaboration with licensees, institutional ML/TF risk assessments, and implementing recommendations from the NRA and MER."

Kenya's inaugural National Risk Assessment on Money Laundering and Terrorism Financing identified vulnerabilities and proposed measures to mitigate risks. The Mutual Evaluation Report by the Eastern and Southern African Anti-Money Laundering Group assessed Kenya's AML/CFT/CPF regime, highlighting improvements and gaps. The Central Bank of Kenya will work with licensees to address recommendations from both reports and enhance the integrity of the financial system.

The circular from the Central Bank of Kenya informs commercial banks, mortgage finance companies, and microfinance banks about the end of the five-year transition period for implementing the International Financial Reporting Standard (IFRS) 9 on financial instruments. The transition period allowed institutions to adjust to the new standard, which replaced the IAS 39 methodology for calculating impairment provisions. The circular also details amendments to reporting templates and the removal of certain columns related to adjusted capital calculations, as the transition period has ended.

The Kenyan Central Bank (CBK) has ended the five-year transition period for implementing International Financial Reporting Standards (IFRS) 9 on financial instruments for commercial banks, mortgage finance companies, and microfinance banks. This means that institutions must now fully adhere to IFRS 9's methodology for computing regulatory capital without adding back provisions relating to performing loans from previous years. To assist with this change, CBK has revised various reporting templates that institutions previously used during the transition period. These changes involve the removal of certain fields and adjustments to others, such as those measuring core capital and total risk-weighted assets. The purpose of this circular is to inform stakeholders about the lapse of the IFRS 9 transition period and to provide updated reporting templates for compliance with the new guidelines.

The Central Bank of Kenya is transitioning the Kenya Payment and Settlement System (KEPSS) to ISO 20022 standards for enhanced efficiency and data analytics. The KEPSS ISO 20022 message standards are now published and accessible on the CBK MyStandard SWIFT Portal, with usage guidelines and a readiness portal available. Financial institutions are required to adopt these standards to ensure a smooth migration and modernize the National Payments System.

The Central Bank of Kenya is collaborating with the country's financial industry to migrate the Kenyan Payment and Settlement System (KEPSS) to ISO 20022 Standards. This migration aims to implement the National Payment Strategy 2022-2025, modernizing the national payments system. The new standards will enhance operational efficiency and provide richer data for analytics through improved financial messaging. Banks and other financial institutions must adopt these standards in readiness for the KEPSS migration, with the Central Bank providing support throughout the process.

The Central Bank of Kenya (CBK) has issued the Kenya Foreign Exchange Code to commercial banks, effective from March 23, 2023. The FX Code is based on six leading principles: Ethics, Governance, Execution, Information Sharing, Risk Management and Compliance, and Confirmation and Settlement Processes, derived from the Global Foreign Exchange Code (Global Code). This code aims to strengthen integrity and improve functioning in Kenya's foreign exchange market. Banks must conduct a self-assessment by April 30, submit an implementation plan by June 30, and be fully compliant by December 31, 2023.

The Central Bank of Kenya (CBK) has released the Kenya Foreign Exchange Code (FX Code) to strengthen and promote the integrity and effective functioning of the country's wholesale foreign exchange market. The FX Code sets out standards for market participants, including banks licensed by the CBK, to ensure ethical and professional behavior, sound governance, robust risk management, and transparent communication. It aims to facilitate a well-functioning market that supports Kenya's flexible exchange rate regime. The FX Code, based on the FX Global Code and best practices, requires market participants to avoid illegal financial transfers and implement anti-money laundering policies. It emphasizes the importance of confidentiality and consent in information sharing and outlines key risk types, such as credit/counterparty, market, operational, and settlement risks. The CBK expects full compliance with the FX Code by December 31, 2023, with quarterly reports on adherence starting July 14, 2023.

The Central Bank of Kenya has issued the Kenya Foreign Exchange Code (FX Code) to commercial banks, aiming to strengthen the integrity and functioning of the country's FX market. Derived from the Global Foreign Exchange Code, the FX Code sets out principles and best practices for ethical and efficient FX market operations. Banks are required to assess their compliance with the FX Code and submit implementation plans to the Central Bank of Kenya by specified deadlines.

The Central Bank of Kenya (CBK) has released the Kenya Foreign Exchange Code (FX Code) to strengthen and promote the integrity and effective functioning of the country's wholesale foreign exchange market. The FX Code sets out standards for market participants, including banks licensed by the CBK, to ensure ethical and professional behavior, sound governance, robust risk management, and transparent communication. It aims to facilitate a well-functioning market that supports Kenya's flexible exchange rate regime. The FX Code, based on the FX Global Code and best practices, requires market participants to avoid illegal financial transfers and implement anti-money laundering policies. It emphasizes the importance of confidentiality and consent in information sharing and outlines key risk types, such as credit/counterparty, market, operational, and settlement risks. The CBK expects full compliance with the FX Code by December 31, 2023, with quarterly reports on adherence starting July 14, 2023.

The Central Bank of Kuwait issued Circular No. 2/BS, IBS, FS, IFS, ES, PS/524/2023 to promulgate updated Instructions for Regulating the Electronic Payment of Funds, formally revoking Resolution 44/430/2018. The circular establishes comprehensive definitions, classifies electronic payment service providers into small and large categories based on capital thresholds ranging from KWD 50,000 to KWD 2,000,000, and mandates strict registration procedures, transaction ceilings, and compliance with anti-money laundering standards. All affected local banks, financing and exchange companies, electronic payment infrastructure service providers, and limited purpose e-money providers must implement these amendments within three months of the circular's publication in the Official Gazette.

The Central Bank of Kuwait issued Circular No. 2/BS, IBS/500/2022 to mandate local banks to integrate Environment, Social, and Governance (ESG) standards into their corporate governance, risk management, and product development strategies. The directive requires banks to establish clear sustainability goals, launch climate-friendly financing instruments, manage climate-related financial risks through internal capital assessments, and ensure board-level approval of all sustainable finance policies. Furthermore, institutions must enhance operational sustainability and publish annual sustainability reports detailing their environmental, social, and economic impacts to guarantee transparency and long-term financial stability.

The Central Bank of Kuwait issued Circular No. 2/BS, IBS/500/2022 to mandate all local banks to integrate Environment, Social, and Governance (ESG) factors into their corporate governance, risk management, and investment strategies. The directive requires banks to develop climate-friendly financial products, conduct material ESG impact assessments for lending decisions, and incorporate climate risks into their Internal Capital Adequacy Assessment Process. Furthermore, local banks must secure board approval for sustainable finance policies, enhance staff training and internal operational sustainability, and publish annual Sustainability Reports to ensure transparency and long-term financial stability.

The data provided is not consistent and appears to have some gaps or inaccuracies. Here's my interpretation of the information: The first column seems to represent different types of accounts or services related to electricity or water supply. The second column provides the account number for each service/account type. The third and fourth columns provide information about the amount due. From your question, I understand you are trying to find out the order in which these accounts/services need to be paid, sorted by their due amounts. However, considering there is a mix of different types of accounts (in terms of services provided) and some gaps or inaccuracies in the data, it's difficult to provide an accurate and definitive answer. But based on the data you've shared, here are the steps that can be followed: 1. As per the given data, if any account/service is marked as "0", it means no amount is due. So, for those accounts, payments will not be required. 2. Sort the accounts based on their due amounts in ascending order. In case of a tie in the due amount, consider sorting by their service type (e.g., electricity or water) alphabetically. 3. If there are any accounts with "୧୨" as their due amount, they should be paid first. 4. Pay the other accounts/services according to their sorted order (i.e., ascending order of their due amounts). Again, I must emphasize that this is based on the available and seemingly inconsistent data. A more accurate answer would require a more consistent dataset or direct clarification from someone knowledgeable about this situation.

The Central Bank of Kenya (CBK) implemented emergency measures in March 2020 to encourage the use of mobile money transactions during the COVID-19 pandemic, including eliminating charges for transfers between mobile money wallets and bank accounts. Due to the significant expansion of Kenya's payment ecosystem since then, CBK has reassessed and will resume revised charges for these transactions from January 1, 2023, with reduced tariffs and maximum charges.

The Central Bank of Kuwait issues this nomination form to standardize the appointment process for independent board members at local banks. It mandates nominees to satisfy twelve specific eligibility criteria, including relevant academic degrees, a minimum of five years' experience in corporate governance or related fields, and strict independence thresholds regarding equity stakes, credit relationships, and conflicts with major shareholders or management. The form requires detailed personal, financial, and professional disclosures alongside a formal declaration confirming data accuracy and awareness of forgery penalties under Kuwait's Penal Code.

The Central Bank of Kuwait mandates this standardized nomination form to evaluate candidates for Chief Executive Officer, Deputy CEO, or Assistant CEO positions at local banks. The document requires nominees to submit verified personal, academic, and professional credentials alongside a bank assessment of their leadership capabilities and current financial standing. Nominees must declare the accuracy of all provided data and attach supporting certificates, as submitting false or misleading information constitutes forgery punishable by up to seven years imprisonment under Kuwaiti Penal Code Article 259.

The Central Bank of Kuwait mandates that finance companies submit a standardized nomination form to appoint or confirm a Chief Executive Officer, Deputy, or Assistant. The document requires detailed disclosures of the nominee’s personal background, academic credentials, employment history, current financial standing, and any criminal or disciplinary records. A signed declaration confirms the accuracy of all submitted data, establishing that false or misleading information constitutes forgery punishable under Article 258 of the Penal Code.

The Central Bank of Kuwait and the Ministry of Finance require finance companies to submit a standardized Nomination Form when appointing board members. The form mandates detailed disclosures regarding the nominee’s academic qualifications, professional experience, financial standing, criminal history, and equity stake in the nominating company. Submitters must attach supporting documents and sign a declaration affirming data accuracy, with false statements subject to forgery penalties under Article 258 of the Penal Code.

The Central Bank of Kuwait issues this standardized nomination form to establish strict eligibility criteria for independent board members at local banks. Nominees must hold relevant university degrees, possess a minimum of five years' specialized experience in corporate governance or related fields, and maintain an equity stake not exceeding one percent. The form further mandates that candidates demonstrate independence from major shareholders, executive management, external auditors, and significant credit or deposit relationships while certifying data accuracy under penalty of forgery.

The Central Bank of Kenya (CBK) has provided additional guidance on large cash transactions to mitigate Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) risks. The new guidelines address concerns about the implementation of due diligence requirements under the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA), particularly for Medium, Small, and Micro Enterprises (MSMEs). Key points include: 1. CBK conducted a survey that found most cash transactions relate to amounts below Ksh. 1 million or USD 10,000 equivalent, emphasizing the need for standard treatment of large cash transactions across the banking sector. 2. Commercial banks, mortgage finance institutions, and microfinance banks should continue monitoring and reporting suspicious transactions to the Financial Reporting Centre (FRC), adhering to POCAMLA's requirements. 3. Banks can process transactions when customers fail to meet due diligence requirements for large cash transactions but must file Suspicious Transaction Reports (STRs) or Cash Transaction Reports (CTRs) as prescribed by law. 4. Institutions are encouraged to adopt technology and innovations to address pain points and enhance the customer experience while maintaining AML/CFT compliance. 5. The attached large cash transactions declaration form is suggested for adoption across the banking industry. 6. Banks must submit a report to CBK by January 31, 2023, detailing their implementation of these guidelines and improvements made in verifying and reporting large cash transactions.

Kenya's Central Bank of Kenya (CBK) has issued guidance to financial institutions regarding large cash transactions and anti-money laundering/combating the financing of terrorism (AML/CFT) regulations. The guidance includes a reminder of reporting obligations, a recommendation to adopt technology to streamline processes and enhance customer experience, and the introduction of a standardized Large Cash Transactions Declaration Form. Institutions must submit a report on the implementation of this guidance by January 31, 2023.

The Central Bank of Kuwait established the Center of Risks System and its implementation regulations to standardize credit risk reporting for local banks, Islamic financial institutions, and investment companies. The framework mandates periodic submission of customer identification sheets and detailed credit facility statements, covering conventional cash and non-cash facilities alongside Sharia-compliant products like Murabaha and Musharaka. Financial institutions must report data for customers exceeding designated minimum thresholds within strict timelines, ensuring accurate tracking of liabilities, collateral valuations, and guarantor details across resident and non-resident accounts.

The Central Bank of Kenya has approved a Credit Repair Framework to help borrowers with non-performing mobile phone digital loans improve their credit standing. The Framework offers a 50% discount on outstanding loan amounts and a repayment plan for the remaining balance over 6 months. This initiative aims to support borrowers adversely affected by the COVID-19 pandemic, helping them access credit and financial services as they recover.

The Central Bank of Kenya has approved a Credit Repair Framework for commercial banks, mortgage finance companies, and microfinance banks to offer to eligible borrowers with mobile phone digital loans. This framework aims to improve the credit standing of these borrowers whose loans are non-performing and have been reported as such to the Credit Reference Bureaus (CRBs). Under this framework, institutions will update the status of these borrowers from non-performing to performing in the CRBs after providing a discount of at least 50% of the amount outstanding. The borrowers covered in this framework are mainly in the personal and micro-enterprises sectors and were adversely impacted by the COVID-19 pandemic. The purpose of this circular is to guide institutions on eligible borrowers, risk classification, treatment in banks' books, implementation of the framework, and reporting to the Central Bank of Kenya (CBK). Institutions should have implementation plans that include a clear customer journey, communication strategy, and customer financial management awareness/sensitization. Institutions will report to CBK by the 10th day following each month regarding cumulative repayments and write-offs held.

The Central Bank of Kenya has issued a directive to Credit Reference Bureaus (CRBs) to address public concerns regarding the usage of credit reports by lenders. The directive emphasizes that a customer's credit score should not be the sole reason for denying a loan and requires CRBs to prominently display this statement at the top of all credit reports. Additionally, CRBs are instructed to improve the quality of credit reports and update borrowers' data promptly in collaboration with banks and lenders.

This circular is a reminder to commercial banks, mortgage finance companies, and microfinance banks in Kenya regarding compliance with the Banking (Credit Reference Bureau) Regulations of 2020. The Credit Information Sharing Mechanism (CIS), established in 2010, has significantly impacted the credit market. The 2020 regulations aimed to embed risk-based pricing of credit by requiring institutions to consider factors like a customer's credit score when assessing loan applications. Institutions are urged to review their credit data reported to CRBs and adopt quality control systems for maintaining data integrity. Non-compliance with the provisions outlined in the 2020 Regulations could result in enforcement action under the Banking Act, Microfinance Act, and the Banking (Credit Reference Bureau) Regulations of 2020.

The letter, from the Central Bank of Kenya, reminds Kenyan financial institutions of the importance of the Credit Information Sharing Mechanism (CIS) and the need to comply with the Banking (Credit Reference Bureau) Regulations, 2020. It highlights the benefits of the CIS mechanism in managing credit risk and enhancing access to credit for Kenyans. Institutions are urged to address issues such as data submission errors, incomplete information, and late reporting to ensure data integrity and effective credit risk management.

This banking circular from Kenya's Central Bank of Kenya (CBK) addresses concerns about credit reports and their usage by lenders. The Credit Information Sharing Mechanism was launched in 2010, incorporating both positive and negative information since 2013. Over 160 million credit reports have been accessed, with an average of three million requested monthly from the licensed CRBs. Despite these achievements, there remain public concerns that borrowers with adverse credit reports are denied loans rather than having their credit risks priced accordingly. The Banking (Credit Reference Bureau) Regulations 2020 emphasize that a customer's credit score should not be the sole reason for denying them a loan. To address this issue, CRBs have been directed to include a statement at the top of all credit reports, reminding lenders and enhancing borrowers' awareness on usage of credit reports. Additionally, they are encouraged to improve credit report quality, enhance credit scoring models, align with best practices, and ensure prompt data updates. Failure to comply with this directive will result in remedial action.

The Central Bank of Kuwait issues comprehensive supervisory and regulatory instructions governing the operational, financial, and organizational compliance of exchange companies. These directives mandate strict accounting treatments for client margins in forward exchange and precious metals contracts, enforce authorized business advertisements, regulate foreign currency speculation, and require detailed reporting on financial transactions, internal controls, and national labor force ratios. The updated circulars also standardize electronic and mobile payment services, clarify branch opening approvals, and increase the mandatory national labor ratio to fifteen percent while ensuring robust internal supervision systems.

The Central Bank of Kuwait requires credit information companies to submit a standardized nomination form for individuals appointed as Chief Executive Officer, Deputy, or Assistant. The document mandates detailed disclosures of the nominee’s academic qualifications, relevant banking or financial work history, and current professional activities. It further enforces strict legal declarations regarding criminal convictions, bankruptcy status, and potential conflicts of interest to ensure compliance with Article 258 of the Penal Code.

To obtain a license to operate as a Digital Credit Provider (DCP) in Kenya, applicants must follow the Central Bank of Kenya's three-stage process: Stage 1 involves proposing and reserving business names with the Registrar of Companies and submitting them to the Central Bank of Kenya (CBK) for approval. Stage 2 entails completing and submitting license application forms, fit and proper forms, and supporting documentation online, followed by submitting original documents and fees to the CBK. In Stage 3, the CBK assesses the application, and if satisfied, the applicant tests their data submission capability before paying the prescribed license fees and receiving the DCP license.

The Central Bank of Kuwait mandates comprehensive supervision over foreign exchange companies, restricting them from core banking operations and requiring independent registration to ensure clear operational boundaries. The regulatory framework establishes a KD 2 million minimum capital threshold, defines strict qualification criteria for key executive roles such as the Internal Audit Head and Compliance Officer, and obligates firms to maintain accurate financial records and submit timely statistical reports. Empowered by the Central Bank Law, CBK retains full authority to conduct inspections, issue binding instructions, delist non-compliant entities, and impose penalties for violations or misleading disclosures.

The Central Bank of Kuwait amended regulations for consumer and installment loans to enhance transparency by mandating clear contracts, mandatory two-day reflection periods before signing, and strict caps on loan terms and monthly installments. Financial institutions must now provide detailed cost breakdowns, maintain electronic records, and permit contract re-arrangements for new financing or early debt transfers. Compliance is enforced through quarterly continuous inspections by qualified independent audit firms that verify adherence to pricing rules, documentation standards, and internal control systems.

The Kuwaiti Minister of Finance, acting on the Central Bank of Kuwait’s proposal, issued executive bylaws that establish comprehensive licensing and operational frameworks for credit information companies. The regulations mandate strict data accuracy, secure automated systems, and a structured complaint resolution process requiring customers to file disputes within fifteen days while companies investigate and rectify errors promptly. Furthermore, the bylaws impose ongoing Central Bank supervision over data retention, service pricing, and risk management to ensure transparency and reliability in the national credit information exchange.

The Central Bank of Kenya (CBK) has announced the expiry of the Cash Reserve Ratio (CRR) emergency measure that was implemented during the COVID-19 pandemic. This was part of measures taken to provide liquidity to banks and support borrowers impacted by the crisis. The emergency measure will expire on May 16, 2022, releasing an outstanding balance of Ksh.2.4 billion for utilization as needed. Banks are reminded to adhere to the daily CRR requirement of 3% and a monthly average CRR of 4.25%.

The Central Bank of Kenya issued a circular announcing the expiry of the Cash Reserve Ratio (CRR) emergency measure, which was implemented to support banks during the COVID-19 pandemic. The policy action released additional liquidity to banks, with a significant portion utilized between March 2020 and March 2021. The circular informs commercial banks and other financial institutions that the CRR emergency measure will expire on May 16, 2022, and reminds them to maintain the daily and monthly average CRR requirements.

Issued by the Minister of Finance, this resolution establishes comprehensive supervision rules for financing companies under the Central Bank of Kuwait. It defines financing entities, prohibits them from conducting securities activities, full banking business, or foreign exchange for others, and mandates a minimum paid-up capital of 15 million Kuwaiti Dinars. The framework outlines a detailed registration process, board and executive approval procedures, ongoing risk management requirements, and inspection powers to ensure financial soundness.

The Central Bank of Kuwait issued comprehensive instructions requiring local banks to establish formalized investment policies governing their securities portfolios. These regulations mandate strict capital-based limits, capping the total securities portfolio at 50 percent of comprehensive capital and restricting single-issuer investments to 10 percent, while granting exemptions for OECD and GCC government bonds. Banks must implement International Accounting Standards, segregate trading and investment accounts, secure board-approved delegation frameworks, and submit quarterly financial data to ensure continuous regulatory oversight.

The Central Bank of Kuwait establishes detailed experience, educational, and professional criteria for nominees to bank board memberships and executive roles, including Managing Directors, Chief Executive Officers, and their deputies. Banks must submit fully completed nomination forms with all supporting documents within thirty days of the shareholders' general meeting and secure prior Central Bank approval before electing nominees to these positions. The regulatory framework additionally mandates criminal execution certificates, grants the Central Bank authority to conduct interviews or waive degree requirements based on proven efficiency, and requires formal board authorization for any delegated responsibilities.

The Central Bank of Kenya Act establishes regulations for digital credit providers, including licensing requirements, business operations, consumer protection, and enforcement actions. Applicants must submit detailed information about their business, shareholders, and officers, with an emphasis on transparency and consumer protection. The Central Bank of Kenya has the authority to inspect, audit, and monitor licensed digital credit providers, and can impose sanctions for non-compliance.

The Central Bank of Kuwait issued comprehensive instructions requiring local banks to strictly regulate credit card issuance, maximum limits, and repayment periods for debit balances. These directives mandate that repayment terms not exceed one year, cap total installment obligations at 50 percent of monthly income, enforce EMV technology for smart card transitions, and require guardian guarantees for minor cardholders. Banks must submit regular monthly and quarterly data on card balances, transaction volumes, and customer inquiries while ensuring full compliance with all prescribed limits.

The Central Bank of Kuwait issued binding instructions establishing an automated central registration system to track customers whose local bank accounts were closed due to bounced checks. Local financial institutions must submit customer data and returned cheque records online through Oracle applications, effectively phasing out mail-based statements and mainframe submissions. The framework mandates account closures after three returned checks within a year, restricts new account openings or cheque book issuances for listed individuals, and requires written client consent.

The Central Bank of Kuwait mandates all local banks, Islamic financial institutions, and investment companies to submit periodic data on credit and financing facilities through its Center of Risks System. The regulations standardize the classification of loans by economic sectors, establish reporting thresholds, and require precise customer identification sheets that document financing purposes, capital structures, and liability limits. The framework modernizes reporting procedures by integrating online inquiry systems, discontinuing specific MainFrame forms, and ensuring financial institutions accurately align their credit agreements with the reported economic purposes.

The Central Bank of Kuwait issued Instructions No. IBS/101/1995 and subsequent circulars to establish maximum limits for credit concentration across local banks and investment companies. The regulations cap single customer credit liabilities at 15% of the capital base, define eligible collateral exclusions, and impose cumulative limits on connected parties and subsidiaries. Banks must now submit quarterly online reports using Forms AM18 and AM19 to track large exposures, ensuring aggregate concentrations exceeding 10% of capital do not surpass four times the base.

Kuwait's Council of Ministers promulgated Law No. 9 of 2019 to establish a comprehensive regulatory framework for credit information companies and their exchange of consumer credit data. The legislation mandates that licensed companies obtain explicit customer consent before sharing credit records, requires financial and commercial institutions to provide accurate data, and places all supervisory authority under the Central Bank of Kuwait. It revokes the previous 2001 credit system law, imposes strict confidentiality rules and financial or administrative penalties for non-compliance, and ensures existing firms have six months to regularize their licenses.

The Central Bank of Kuwait issued Circular No. (2/BS/154/2004) to implement amended Article 57 of Law No. 32, establishing strict reporting and approval requirements for any single natural or legal person acquiring over 5% of a local bank’s capital. The regulation defines indirect acquisition through joint ownership, management, and related interests, mandating that banks submit quarterly shareholder statements while requiring applicants to secure prior CBK authorization or dispose of excess equity within one to two years depending on the acquisition type. Failure to obtain approval or dispose of the excess stake restricts the shareholder’s voting rights and board influence, ensuring that capital concentration remains transparent and aligned with the Central Bank’s supervisory oversight.

The Central Bank of Kuwait mandates that local banks obtain prior General Assembly approval and a three-quarters board majority before extending credit facilities to directors and economically or legally related parties. The regulations require fully secured cash facilities with adequate collateral margins, specific margin ratios for non-cash instruments like bank acceptances and letters of guarantee, and interest rates aligned with standard customer pricing. Additionally, banks must conduct thorough credit studies, report quarterly balances and collateral status to the Central Bank, and fully comply with these requirements within two years of issuance.

The Central Bank of Kuwait mandates that local and foreign bank branches appoint at least two external auditors from separate firms to conduct comprehensive audits on their financial statements. The regulator established specific approval criteria for nominated audit firms, including international membership, banking audit experience, qualified personnel, and quality inspection protocols. Banks must notify the Central Bank of their chosen firms and secure regulatory endorsement prior to final appointment, as required by Law No. 51 of 1994 and subsequent circulars.

The Central Bank of Kenya (CBK) has released regulations for digital credit providers, including licensing requirements, consumer protection measures, and anti-money laundering provisions. The CBK will oversee digital credit providers to ensure compliance with the law and maintain a stable financial system. Applicants must provide detailed information, and the CBK may request additional details to determine professional and moral suitability. The CBK can impose sanctions for non-compliance, including monetary penalties and license suspension or revocation.

Part A Criteria For Determining Professional And Moral Suitability Of Directors And Senior Officers: I, [Your Full Name], hereby declare that I meet the following criteria for professional and moral suitability as a director or senior officer of a digital credit provider: a) I possess relevant qualifications, knowledge, skills, and experience in the fields of finance, banking, information technology, or other related areas. My previous work experience includes [Briefly describe your experiences in relevant industries, highlighting your achievements and responsibilities]. b) In my past roles as a director or senior officer, I have consistently recommended sound practices based on my previous business experience, providing objective advice, and avoiding conflicts of interest with other organizations. Part B Criteria For Determining Moral Suitability Of Significant Shareholders: I, [Your Full Name], hereby declare that as a significant shareholder of a digital credit provider, I meet the following criteria for moral suitability: a) I have not been convicted of fraud or any other offense involving dishonesty. b) I have not contravened any laws designed to protect members of the public against financial loss due to dishonesty or malpractices by persons engaged in the provision of banking, insurance, investment, or other financial services. In addition, as a corporate entity shareholder, my directors and senior officers meet the criteria specified in Part A above. We are committed to upholding the highest standards of professional and moral conduct. Part C Additional Information: As required by the Bank, I hereby declare that there is no additional information relevant to determining my professional or moral suitability as a significant shareholder that has not been disclosed in this document. I undertake to inform the Bank of any material changes to the information provided herein and authorize the Bank to verify the authenticity of the information provided through appropriate channels. Declaration: I certify that the information given above is complete and accurate to the best of my knowledge, and that there are no other facts relevant to this application of which the Central Bank of Kenya should be aware. I undertake to inform the Central Bank of Kenya of any material changes to the information provided herein.

The Central Bank of Kenya has issued a circular on the transition away from the London Interbank Offered Rate (LIBOR) following the Financial Conduct Authority's announcement that it will cease to be provided by any administrator. As such, all LIBOR settings will either cease or no longer be representative after December 31st, 2021 for Sterling, Euro, Swiss Franc and Japanese Yen settings, along with the 1-week and 2-month US Dollar settings, and by June 30th, 2023 for remaining US Dollar settings. The transition away from LIBOR will affect banks' operations, prompting the Central Bank of Kenya to develop a Guidance on LIBOR Transition focused on governance, monitoring, communication, training, risks, mitigations, systems changes, testing and preparedness. Institutions are required to submit information to CBK on a monthly basis until the transition is fully completed in 2023.

The Central Bank of Kenya (CBK) issued a circular to commercial banks and mortgage finance institutions regarding the transition away from the London Interbank Offered Rate (LIBOR). The Financial Conduct Authority (FCA) announced in 2017 that it would stop compelling panel banks to submit LIBOR quotes after December 2021 due to manipulation attempts and declining liquidity. The CBK has developed guidance focusing on governance, monitoring, risks, and systems changes to ensure a smooth transition, with the process ending in 2023.

The Central Bank of Kenya issues guidance to financial institutions on transitioning from LIBOR to alternative reference rates. This guidance includes recommendations for governance structure, risk management, and timelines for the transition. The Bank emphasizes the importance of adequate preparation to mitigate potential financial stability risks and disruptions to markets and payments.

The Central Bank of Kenya (CBK) requires banks in the country to transition away from the London Interbank Offered Rate (LIBOR) and adopt alternative risk-free rates (RFRs). This requirement is due to the scheduled cessation of LIBOR by the end of December 2021, as well as the potential lack of representativeness of USD LIBOR settings ending at the end of June 2023. The CBK has provided comprehensive guidance on various aspects of the transition process, including governance, monitoring, risks and mitigations, systems changes, testing, and preparedness, as well as timelines for completion. Additionally, banks are required to report regularly on their progress towards transitioning to alternative RFRs identified by national working groups as follows: 1. Total value and number of financial products priced on LIBOR (classified as one-month, three-month, and over three-month tenors). 2. Status towards transitioning to alternative reference rates. 3. Measures put in place to mitigate risks associated with transitioning to alternative reference rates."

The Central Bank of Kuwait issues a comprehensive framework of instructions and circulars to rationalize bank credit policy across all local financial institutions. Banks are mandated to refrain from extending facilities against post-dated cheques, convert personal loans into fixed-term structures, and strictly verify that credit is utilized for its stated purpose. The regulations enforce strict credit-to-deposit ratios, align loan interest rates with the central discount rate, enhance collateral requirements, and mandate regular external audits of derivatives alongside detailed periodic reporting on housing finance and SME rescue programs.

The Central Bank of Kuwait requires Exchange Companies to submit standardized financial positions, foreign currency reports, and quarterly profit and loss statements according to detailed forms and strict deadlines. The directive mandates system compatibility via the EXC platform, adoption of International Accounting Standards, and precise classification rules for partners’ equity, contra accounts, and financial provisions. Companies must report daily foreign currency sales exceeding USD 35,000 on disc, maintain monthly cumulative statistics for smaller transactions, and ensure accurate balance sheet submissions within prescribed timeframes.

The Central Bank of Kenya issues guidance on climate-related risk management for financial institutions, emphasizing the impact of climate change on the economy and financial stability. The guidance aims to integrate climate-related risks into decision-making frameworks, with a focus on governance, strategy, risk management, and disclosure. Institutions should assess and address these risks, considering their potential impact on business operations and the broader economy. The Central Bank of Kenya also outlines a roadmap for gradual adoption of climate-related risk requirements, recognizing the complex nature of climate change.

The Central Bank of Kenya has issued guidance on climate-related risk management for commercial banks and mortgage finance companies. This guidance is in response to the urgent need for global efforts to address the impacts of climate change, as evidenced by recent extreme weather events. It highlights the role banks can play in advancing a low carbon economy and managing climate-related risks that pose both opportunities and threats to their operations. The guidance focuses on four main areas: governance, strategy, risk management, and disclosures. Implementation will be in stages, starting with sensitization efforts, followed by submission of implementation plans approved by institutions' boards to the Central Bank by June 30, 2022, and quarterly updates thereafter.

The Central Bank of Kenya (CBK) is issuing guidance to commercial banks and mortgage finance companies on managing climate-related risks, urging them to incorporate these risks into their comprehensive risk management frameworks. The guidance focuses on four key areas: governance, strategy, risk management, and disclosures, with a roadmap for short and medium-term actions. This circular aims to inform the development of implementation plans for climate risk management frameworks by financial institutions.

The Central Bank of Kuwait mandates local banks to maintain adequate liquidity by applying the Maturity Ladder Approach, which matches asset and liability cash flows across specified time bands. Banks must hold a minimum percentage of Kuwaiti dinar customer deposits as balances with the Central Bank or in treasury instruments, while calculating cumulative mismatch limits that cap funding gaps at 10% to 40% depending on the time horizon. Each institution is required to establish and board-approve internal liquidity policies, supported by effective computer systems, to continuously monitor cash flows, manage contingencies, and report compliance through standardized tables.

The Central Bank of Kuwait issued comprehensive governance instructions to establish clear appointment criteria, operational responsibilities, and independence standards for Shariah Supervisory Boards in Kuwaiti Islamic banks. These regulations mandate that each board comprise at least three qualified, independent scholars who must continuously review bank contracts, issue binding Shariah rulings, and submit detailed annual compliance reports to shareholders. The framework replaces prior 2003 directives, requires banks to obtain Central Bank approval for external Shariah auditors, and sets a January 2018 deadline for full implementation to strengthen regulatory compliance and customer confidence.

The Central Bank of Kuwait establishes mandatory experience criteria for financing company board members, chief executive officers, and their deputies by requiring specific university degrees paired with five to ten years of relevant financial or banking experience. Candidates without the specified degrees may qualify through six to ten years of prior board membership, key executive roles, or licensed commercial activity. The regulations further standardize board delegation procedures and empower the Central Bank to evaluate professional capabilities and grant degree exemptions based on demonstrated efficiency.

The Central Bank of Kuwait issued comprehensive governance instructions requiring all supervised finance companies to establish robust internal control systems and independent board structures. The regulations mandate the creation of specialized committees, the publication of an annually updated governance manual, and a strict "comply or justify" framework for regulatory adherence. Furthermore, the directives link executive remuneration to long-term risk performance, enhance disclosure transparency, and require independent external auditors to formally evaluate internal control compliance.

Issued by the Amir of Kuwait and approved by the Council of Ministers, Decree Law No. 5 of 1981 mandates that all auditing practitioners register with the Ministry of Commerce and Industry to legally practice. The legislation establishes strict eligibility criteria, including a bachelor’s degree in accounting, Kuwaiti nationality (or temporary registration for foreigners), five to seven years of relevant experience, and successful completion of a professional examination. It further codifies auditors’ rights and independence requirements, mandates comprehensive record-keeping for ten years post-engagement, and imposes disciplinary or criminal penalties, including suspension, deregistration, and fines for unregistered practice or professional misconduct.

Beginning July 30, 2021, the Central Bank of Kenya (CBK) Kisii Centre will fully operate for commercial banks and micro-finance banks in that region, as per previous communication (Banking Circular Number 1 of 2021). Banks can coordinate with the CBK Kisii Centre Manager to commence operations. For more information or queries, contact the Centre using the provided address or phone number: The Centre Manager, CBK, Kisii Centre; Kisii-Sotik Road P.O. Box 411 - 40200; Tel. 020 2863300.

The Central Bank of Kenya (CBK) informs commercial and microfinance banks that the Kisii Centre will begin full cash operations on July 30, 2021. Banks in the region can contact the Kisii Centre Manager to initiate operations. The center's contact information is provided for further assistance.

The Central Bank of Kenya (CBK) has decided to reduce the risk weight for mortgage loans from the current 50% to 35%. This amendment is in line with international best practices and will be effective from July 1, 2021. The move is aimed at creating an enabling environment for banks to increase their mortgage lending and support the Kenyan government's effort of providing decent and affordable housing in Kenya. Banks are advised to adhere to the new requirements regarding capital adequacy computation in FORM A: CBK/PR3, where the risk weight for Mortgage Loans secured by residential property will be amended from 50% to 35%.

The Central Bank of Kenya (CBK) has issued a circular to commercial banks and mortgage finance institutions, announcing an amendment in the risk weight for mortgage loans. The change, from 50% to 35%, is expected to boost the mortgage market and increase lending. This amendment is in line with international best practices and the Basel III framework.

The Central Bank of Kenya (CBK) Kisii Centre, the eighth CBK outlet, officially opened on October 21, 2020, offering central banking services to commercial banks, county governments, and the general public. The CBK Kisii Centre will commence operations with a "soft launch" on June 7, 2021, providing non-cash services, and duly authorized officers of commercial and microfinance banks in the region are requested to initiate formal preparations and documentation. The contact information for the Centre Manager at the CBK Kisii Centre has been provided for further inquiries.

The Central Bank of Kenya (CBK) has officially opened its Kisii Centre on October 21st, 2020. As an eighth outlet, the Kisii Centre offers services to commercial banks, County Governments, and the general public. Starting from June 7th, 2021, the CBK Kisii Centre will commence operations with a "soft launch" where only non-cash services are available for now. Authorised officers of commercial banks and microfinance banks in the surrounding areas are requested to contact the bank for further information and formal preparations.

The Central Bank of Kenya (CBK) Kisii Centre, the eighth CBK outlet, officially opened on October 21, 2020, offering central banking services to commercial banks, county governments, and the general public. The CBK Kisii Centre will commence operations with a "soft launch" on June 7, 2021, providing non-cash services, and duly authorized officers of commercial and microfinance banks in the region are requested to initiate formal preparations and documentation. The contact information for the Centre Manager at the CBK Kisii Centre has been provided for further inquiries.

The Central Bank of Kuwait issued a comprehensive regulatory framework outlining mandatory criteria and procedures for local and Islamic banks to govern their relationships with customers. The instructions require banks to ensure transparent contracting, accurate fee collection, strict data confidentiality, and standardized account opening processes for non-Kuwaiti employees. Additionally, the regulatory directives mandate the cessation of cash and in-kind incentives tied to credit facilities, the establishment of dedicated complaints units with automated tracking systems, and strict adherence to consumer protection standards.

The Central Bank of Kuwait issued a comprehensive regulatory framework mandating local and foreign banks to operate under transparent customer relations, clear contractual obligations, and commensurate fee structures following the cancellation of maximum limits on banking service charges. Banks must ensure accurate pricing disclosure, provide customers with signed contract copies upon initiation or renewal, restrict cash and in-kind incentives tied to credit facilities, and maintain dedicated complaints units linked to an automated reporting system. The directives further standardize staff lending practices, govern account openings for non-Kuwaiti workers and government institutions, mandate smart card acceptance, and require continuous statistical reporting to enhance market competition and consumer protection.

The Central Bank of Kuwait issued Resolution No. 90-B/439/2019 to establish specific experience and qualification criteria for board members, chief executive officers, and deputy or assistant executives of credit information companies. The resolution mandates that nominees hold relevant university degrees or specialized certificates combined with five to ten years of banking, financial, economic, or technical experience, while allowing the Central Bank to grant degree exemptions based on proven competency. Credit information companies must obtain prior Central Bank approval for these appointments, with the regulator retaining the authority to verify professional and leadership capabilities through interviews and assessments.

The Central Bank of Kuwait issued Resolution No. 90-A/439/2019 to establish an official registry for credit information companies. The bylaw mandates the systematic recording of corporate registration details, capital and reserves, board composition, auditors, and all subsequent amendments. Enacted under Law No. 9 of 2019, the resolution took effect upon issuance on September 10, 2019, and requires publication in the official gazette.

Haile Selassie Av, P.O. Box 60000, Nairobi has issued a banking circular to all Chief Executives of commercial banks and mortgage finance companies regarding Internal Capital Adequacy Assessment Process (ICAAP) during the COVID-19 pandemic. Due to the critical role the banking sector has played in supporting the Kenyan economy amidst the coronavirus crisis, the Central Bank of Kenya (CBK) requires all commercial banks and mortgage finance companies: 1. To re-submit by October 31, 2020, their board-approved ICAAP documents for 2020, taking into account the pandemic's impact and measures taken to strengthen the balance sheet, maintain adequate capital and liquidity. 2. To discuss the re-submitted ICAAP documents with CBK before making any decisions on distribution of 2020 profits. For further inquiries, please contact the Director of Bank Supervision at the Central Bank of Kenya.

The checklist outlines the requirements for Payment Service Providers (PSPs) seeking authorization in Kenya, including preliminary engagements, company and product name approval, company documents, evidence of capital, business plan, program of operations, governance, and internal control mechanisms. Applicants must submit a sworn affidavit, application fee, business model, financial projections, and regulatory compliance information. Evidence of capital includes bank statements, government bonds, and shareholder distribution details. The business plan should cover services offered, financial projections, and compliance with anti-money laundering regulations.

The document outlines the Banking (Credit Reference Bureau) Regulations, 2020, which govern the establishment and operation of credit reference bureaus in Kenya. It details the licensing requirements, permitted activities, customer information sharing, and governance of bureaus. Bureaus must be licensed, maintain customer confidentiality, and adhere to security measures. Institutions and credit information providers have responsibilities regarding customer data. The Central Bank of Kenya oversees bureaus and can impose penalties for non-compliance.

The Central Bank of Kenya has issued a circular to commercial banks, microfinance banks, and mortgage finance companies, providing guidance on pandemic planning in response to the COVID-19 outbreak. The Guidance Note supplements existing business continuity plans, focusing on social disruption caused by pandemics, and sets minimum standards for resilient frameworks to address pandemic risks in the banking sector. Institutions are required to update their plans, formulate response strategies, conduct self-risk assessments, and notify the CBK of any pandemic incidents.

The Central Bank of Kenya has issued a Guidance Note on Pandemic Planning for the Banking Sector in light of the global spread of Covid-19. This note provides minimum standards to ensure that banks have resilient frameworks to effectively address emerging pandemic risks, while supplementing existing business continuity plans as required under CBK Prudential Guideline on Business Continuity Management (CBK/PG/14). The guidelines require commercial banks, microfinance banks, and mortgage finance companies to update their Business Continuity Plans and formulate pandemio response plans for close monitoring of implementation. Institutions must also conduct a self-risk assessment of pandemic risks, notify CBK in case of any incidences, and submit the Pandemic Response Plan and Self-Risk Assessment by April 6, 2020.

The Central Bank of Kenya has reduced the Cash Reserve Ratio (CRR) to release additional liquidity into the market to support borrowers distressed by the COVID-19 pandemic. Commercial banks, mortgage finance companies, and microfinance banks can access this liquidity by submitting requests with supporting documents to the Director of Bank Supervision. The daily CRR requirement is 3%, and the monthly average is 4.25%.

The Kenyan Monetary Policy Committee has reduced the Cash Reserve Ratio (CRR) from 5.25% to 4.25%. This move is expected to release an additional Ksh35.2 billion as liquidity to support banks in addressing distress caused by COVID-19. Commercial banks, mortgage finance companies, and microfinance banks need to submit requests along with supporting documents for accessing this additional liquidity. Monthly updates on the utilization of these funds are also required. The new CRR is effective immediately, and banks must adhere to a daily CRR requirement of 3% and a monthly average CRR of 4.25%.

Here is a possible interpretation of the provided Guidance Note for Kenya's Banking Institutions concerning Pandemics. This interpretation aims to provide a clear understanding of the key elements required by banking institutions when preparing their pandemic response plans. 1. Governance: The guidance requires that institutions establish, implement and review a robust approach to managing pandemics. This implies having a well-defined process for decision making, authority delegation, and crisis management during a pandemic. 2. Strategic Planning: Institutions are expected to allocate adequate resources to monitor, plan, respond to, and recover from a pandemic. This might involve setting aside a budget for emergency expenses related to pandemics, training staff on pandemic response procedures, and developing contingency plans for critical services. 3. Phased Approach and Resource Allocation: Institutions should identify the stages of a pandemic and allocate resources depending on the phase of a pandemic. This might involve prioritizing certain services during different phases of a pandemic. 4. Identification: The guidance requires institutions to identify critical and non-essential services that may be affected by a pandemic. For instance, if the pandemic leads to lockdowns or reduced mobility, some banking services may become inaccessible or less effective. 5. Health & Safety: The institution should take measures to protect the health of its staff and customers. This might involve implementing strict hygiene protocols, providing personal protective equipment (PPE) to staff, and establishing quarantine zones within the premises. 6. Communication & Education: Institutions must ensure that they have effective communication channels both internally and externally. Internal communication should aim to keep staff informed about pandemic developments and response measures. External communication should ensure that customers are kept updated on any changes in banking services or accessibility. 7. Facilities Management: Institutions should take early action to ensure their facilities are adequately taken care of during the early stages of a pandemic. This might involve implementing cleaning schedules, setting up isolation areas, and ensuring that there are adequate supplies of essential items. 8. Pandemic Incident Management: The guidance requires institutions to have a well-defined process for managing pandemics. This could involve establishing a crisis management team, developing detailed incident management plans, and regularly updating these plans based on current pandemic conditions. An important aspect of the guidance is that it demands instant reporting during a pandemic. Therefore, banking institutions in Kenya are required to report any confirmed cases related to their activities. These reports must be submitted within specific timeframes (immediately for certain events, annually for others). Lastly, this interpretation should help you understand better how these guidelines can guide Kenyan banks in developing robust and responsive pandemic response plans that meet the expectations outlined in the provided Guidance Note.

The Central Bank of Kenya (CBK) issues guidance to banks on loan classification and provisioning for extended and restructured loans during the COVID-19 pandemic. The relief measures are intended to support borrowers facing economic difficulties due to the pandemic while maintaining banking system stability. Banks are instructed to assess and restructure loans for eligible borrowers, with the costs of extension and restructuring borne by the banks themselves.

This letter is from the Central Bank of Kenya (CBK) to commercial banks and mortgage finance companies. It addresses emergency measures to mitigate the adverse impact of COVID-19 on loans and advances. These measures will be applicable only to borrowers whose loan repayments were up to date as at March 2, 2020. The relief granted will not apply to new loans taken after that date. The letter provides guidance for banks to work with their customers in alleviating the likely adverse economic effects caused by COVID-19 while safeguarding banking system soundness. These measures include extending and restructuring loans, which will not be subject to specific clauses of the banking regulations during this period. For businesses affected by the pandemic, banks are advised to offer a reprieve on interest rates for loans or advances for a period of up to six months, with a possible extension for another six months. They should also consider freezing interest rates and providing moratoriums on loan repayments for borrowers facing financial difficulties due to COVID-19. The CBK encourages banks to exercise prudence in assessing the risks associated with these measures and take necessary steps to ensure their compliance with the existing regulatory framework. They should also provide timely updates to the CBK on any developments or issues arising from implementing these emergency measures.

As the novel Coronavirus (Covid-19) pandemic poses a significant risk to businesses, the Central Bank of Kenya advises all commercial banks, microfinance banks, and mortgage finance companies to activate their precautionary measures immediately. These include establishing alternate teams, creating redundant teams for critical functions, and ensuring backup power generation and supply. Institutions should also update their Business Continuity Plans (BCPs) and report any incident related to the pandemic affecting staff members or premises to CBK through email.

In response to the COVID-19 pandemic, the Central Bank of Kenya advises financial institutions to activate precautionary measures to ensure business continuity. These include implementing alternate teams, creating redundant teams for critical functions, and ensuring recovery sites are prepared with backup power. Institutions should also update their Business Continuity Plans and report any incidents related to the pandemic to the CBK.

The Central Bank of Kuwait issued Law No. 30 of 2003 to integrate Islamic banking operations into the national financial framework by adding a dedicated section to Law No. 32 of 1968. This legislation establishes comprehensive regulatory requirements for domestic and foreign Islamic banks, including capital thresholds, Shari'a supervisory board mandates, and CBK oversight mechanisms. It further enables conventional Kuwaiti banks to convert to Islamic banking models and regularizes existing Sharia-compliant financial institutions.

The Central Bank of Kuwait, operating under Law No. 32 of 1968, establishes a comprehensive supervisory framework governing the establishment, registration, liquidation, and operational conduct of banking institutions. The regulator is empowered to enforce liquidity and solvency standards, mandate periodic financial reporting, conduct inspections, and impose penalties for non-compliance across conventional and Islamic banking sectors. Complementary ministerial resolutions further extend this oversight to exchange and investment companies, ensuring unified regulatory compliance across Kuwait's financial landscape.

The Central Bank of Kenya Act outlines regulations for mortgage refinance companies, including licensing requirements, capital requirements, and governance. The Act also details the responsibilities of the board and chief executive officer, as well as restrictions on shareholding and lending practices.

The Central Bank of Kenya (CBK) issues guidelines for payment service providers to ensure a secure and efficient national payment system. These guidelines outline minimum requirements for developing and implementing strategies, policies, and procedures to mitigate cyber risks. PSPs must establish a cybersecurity program to protect the confidentiality, integrity, and availability of their information systems. The board of directors is responsible for cybersecurity and should assign a Chief Information Security Officer (CISO) to report regularly on the PSP's cybersecurity posture. PSPs should also have incident response plans and conduct regular testing and assessments to identify vulnerabilities. Outsourcing agreements must comply with legal and regulatory frameworks, and PSPs should notify CBK of any cybersecurity incidents within 24 hours.

The Central Bank of Kenya is updating the Data Specification Template for sharing credit information with Credit Reference Bureaus to Version 4, addressing challenges with non-traditional forms of credit like digital loans. The new template will be mandatory for all authorized credit information providers from June 1, 2019, with a three-month transition period allowed for institutions to make necessary arrangements. Institutions failing to comply with the new reporting requirements will face remedial action as per the Credit Reference Bureau Regulations, 2013.

In 2019, the Central Bank of Kenya launched a new Data Specification Template (Version 4) to improve the sharing of credit information among authorized credit information providers. The revised DST aims to enhance completeness, uniformity, and comparability of shared data. It introduces daily submissions of customer information to CRBs, standard validation checks for data analysis, and a classification of non-performing loans based on prudential risk classification. A three-month transition period is provided for institutions to adapt to the new template, with any failure to comply attracting remedial action as specified under the Credit Reference Bureau Regulations 2013.

The Central Bank of Kuwait mandates all registered Islamic banks to establish and maintain adequate internal control systems commensurate with their size, operations, and risk profiles. The directive outlines comprehensive requirements for accounting records, management information systems, organizational structure, and risk mitigation across credit, liquidity, foreign exchange, and operational exposures. Banks must annually submit external auditor evaluation reports, known as Management Letters, to verify system adequacy and address inspection-identified gaps while aligning with Basel Committee guidelines.

The Central Bank of Kuwait has issued binding instructions establishing a comprehensive regulatory framework for electronic payment infrastructure providers and their agents. The directive mandates all operators to enroll in a central register and meet specific paid-up capital thresholds, requiring existing entities to regularize their status within twelve months of implementation. It further outlines strict obligations regarding anti-money laundering compliance, data confidentiality, risk management, daily transaction limits, and a dedicated regulatory sandbox for financial technology experimentation.

The Central Bank of Kuwait issued Resolution No. 44/430 establishing a comprehensive regulatory framework for electronic payment of funds, mandating that all operators and agents enroll in an official register. The instructions set minimum capital thresholds of KWD one million for Infrastructure Providers and KWD 20,000 for Agents, alongside a mandatory KWD 100,000 Letter of Guarantee and strict data confidentiality requirements. Existing operators must regularize their status within twelve months, while all registered entities must comply with risk management standards, daily transaction limits, and clear settlement procedures through local banks.

The Central Bank of Kuwait issued Resolution No. 44/430 of 2018 to establish a comprehensive regulatory framework governing electronic payment infrastructure providers and their agents. The instructions mandate that all electronic payment operators enroll in a dedicated CBK register, meet minimum capital thresholds of one million Kuwaiti Dinars for infrastructure providers and twenty thousand for agents, and submit detailed applications covering risk management, anti-money laundering compliance, and operational procedures. Existing operators must regularize their status within twelve months, while the framework introduces a regulatory sandbox to facilitate fintech innovation and ensures strict confidentiality, standardized transaction processing, and clear dispute resolution mechanisms for customers.

The Central Bank of Kuwait has issued regulatory instructions establishing a comprehensive framework for electronic payment infrastructure providers and their agents. The mandate requires all operators to enroll in a central register, meet specific paid-up capital thresholds, and submit a one hundred thousand Kuwaiti Dinar letter of guarantee. Existing entities must regularize their status within twelve months, while the new rules standardize operational procedures, risk management, data confidentiality, and customer dispute resolution across all electronic payment channels.

The Central Bank of Kenya (CBK) is reminding financial institutions of their obligation to independently audit their anti-money laundering and terrorism financing (AML/CFT) compliance programs. Institutions must nominate an external third party to review their AML/CFT programs and submit the nominee's profile for approval. The review report must be submitted to the CBK by the contracted third party by the specified deadline.

The Central Bank of Kenya (CBK) has issued a directive requiring commercial banks, microfinance banks, and mortgage finance companies to undertake an independent review of their anti-money laundering and combating the financing of terrorism (AML/CFT) compliance programs. Institutions are required to submit profiles of nominees for CBK approval and have these reviews independently submitted by May 31, 2019. The terms of reference for the independent review include evaluating customer due diligence measures, assessing internal controls and governance structures, and testing reporting processes with the Financial Reporting Centre.

The Central Bank of Kenya has finalized and issued the Kenya Banking Sector Charter (BSC), a commitment from institutions in the banking sector to promote responsible and disciplined practices in accordance with sections 33(4)(a) of the Banking Act and section 48(2A)(a) of the Microfinance Act. The BSC applies to financial entities conducting banking, financial, mortgage finance, and micro-financing businesses under these respective acts. Effective March 1, 2019, institutions must develop time-bound plans approved by their boards for reference in implementing the BSC guidelines, submitting them to CBK by May 31, 2019. Additionally, quarterly progress reports on the Charter's implementation will be required within 10 days after each calendar quarter's end.

The Banking Sector Charter (BSC) issued by the Central Bank of Kenya (CBK) outlines standards for institutions conducting banking, financial, and mortgage finance business in Kenya. The charter aims to increase access to affordable banking services, develop a resilient financial system, enhance financial literacy, and ensure fair and transparent practices. Institutions must implement risk-based credit scoring, improve data analytics, and disclose product terms and pricing. Compliance includes submitting plans and quarterly reports to the CBK, with penalties for non-compliance. The charter is effective from March 1, 2019.

The Central Bank of Kenya (CBK) has issued the Banking Sector Charter to address concerns about the high cost of credit and poor customer service in the banking industry. The charter aims to increase access to affordable and appropriate banking services for the unbanked and underserved population in Kenya, enhance financial literacy, and ensure transparent and fair practices in the sector. Banks are required to develop and implement risk-based credit scoring techniques, improve data analytics, and disclose product terms and pricing. The CBK will monitor compliance with the charter and may impose penalties for non-compliance.

The Banking Sector Charter seeks to transform the banking industry into one that promotes transparency, responsible pricing, customer-centric models and ethical culture. It introduces several key provisions including: 1. Transparent pricing of all banking products through the cost of credit report. This report provides a clear breakdown of costs involved in obtaining financial services. Institutions are required to publish this information on their websites. 2. Credit scoring will be based on fair, objective and non-discriminatory criteria. This ensures that customers are assessed fairly without bias or discrimination. 3. Cooling-off periods will be introduced for loan products with terms of one year or less. These periods allow consumers to cancel agreements without incurring penalties. 4. Credit information sharing among institutions is encouraged. Sharing credit data enables institutions to make more informed decisions when extending loans, thus reducing the risk of default. 5. Customer-centric models prioritize customer satisfaction and are expected to lead to more profitable relationships between banks and their clients. Institutions must submit a plan outlining how they will implement these models by May 31, 2019. 6. A complaint resolution mechanism is established, giving customers avenues to address grievances against financial institutions effectively. 7. Mystery shopping surveys will be conducted periodically to evaluate the level of compliance with the charter provisions. 8. Institutions are required to submit a quarterly report on their progress in implementing the charter. Non-compliance may result in monetary penalties or administrative actions. By enforcing these provisions, the Banking Sector Charter aims to foster fair competition, improve customer service, and enhance overall market integrity in Kenya's banking sector. Institutions that fail to adhere to the charter's guidelines risk facing significant consequences, including financial penalties and administrative actions taken by the Central Bank of Kenya.

The Central Bank of Kenya (CBK) has finalized the Kenya Banking Sector Charter (BSC), which sets standards for responsible and disciplined banking practices in the country. The BSC, effective from March 1, 2019, applies to institutions conducting banking, financial, mortgage, and micro-financing businesses. Commercial banks, microfinance banks, and mortgage finance companies are required to develop time-bound plans based on the BSC and submit them to the CBK by May 31, 2019, followed by quarterly progress reports.

The National Payment System Regulations, 2014, outline the requirements for authorizing and overseeing payment service providers, designating payment systems, and implementing anti-money laundering measures in Kenya. The regulations cover various aspects, including authorization, capital requirements, customer registration, interoperability, governance, and risk management.

The Central Bank of Kenya (CBK) announces the issuance of new generation coins, which will circulate alongside previously issued coins. Commercial banks are informed of the distribution process and encouraged to familiarize their staff with the new coins' features. The CBK is also undertaking a public awareness campaign to inform customers that the new coins are legal tender.

The Central Bank of Kenya has announced the release of new generation coins through a Gazette notice and their official launch by the President. These new coins will circulate alongside previously issued ones. Commercial banks have been urged to familiarize their staff with the features of these new generation coins, as they are now legal tender for transactions. Banks can place orders using existing mechanisms, and public awareness materials on the new coins will be distributed through various outlets. The distribution of the new coins is currently limited to KES 50 and a maximum of KES 100 equivalent per customer due to the ongoing public awareness campaign.

The Central Bank of Kuwait issued this comprehensive guidebook to establish a unified supervisory and oversight framework for exchange companies operating under Law No. 32 of 1968 and relevant ministerial resolutions. The document consolidates existing guidelines into six chapters detailing company establishment, registration procedures, operational oversight, anti-money laundering compliance, mandatory data reporting, and external auditor obligations. It ensures regulatory accessibility and continuous implementation by incorporating future instructions, thereby guaranteeing thorough compliance across all exchange business activities.

The Central Bank of Kuwait mandates exchange companies to submit amended Articles of Association, strictly adhere to their recorded business activities, and utilize standardized application forms for initial registration or detail amendments. Issued in 2009 and updated in December 2014, the instructions require companies to provide supporting documentation, including commercial licenses, Civil IDs for directors and partners, and auditor details, to ensure accurate registry records. These procedures operate under Article 8 of the relevant Ministerial Resolution and Article 10 of Law No. 32 of 1968, establishing clear compliance pathways for maintaining operational legitimacy within the Kuwaiti financial sector.

The Central Bank of Kenya (CBK) has issued a guidance note on the implementation of the International Financial Reporting Standard (IFRS) 9, which became effective in January 2018. This is done to guide commercial banks and mortgage finance companies on how IFRS 9 relates to regulatory capital during a five-year transition period. Institutions will add back provisions relating to performing facilities/loans outstanding as at December 31, 2017 and those issued in 2018 while disclosing their core and total capital ratios in the quarterly unaudited/audited annual financial statements template. A new monthly return – IFRS 9 Implementation Transition Return has also been developed to help in monitoring provisions over the next five years. The purpose of this circular is therefore to issue the guidance note on the implementation of IFRS 9 for reference by commercial banks and mortgage finance companies in computing regulatory capital.

The Central Bank of Kenya (CBK) issued a guidance note on the implementation of the International Financial Reporting Standard (IFRS) 9 for financial institutions licensed under the Banking Act and microfinance banks licensed under the Microfinance Act. The note provides instructions on how to compute regulatory capital following the adoption of IFRS 9, with a 5-year transition period granted for full compliance. Institutions must recognize expected credit losses and charge all provisions to the income statement, while adding back provisions related to performing facilities/loans over a 5-year period for core/total capital calculations.

The Central Bank of Kenya has issued a circular to commercial banks and mortgage finance companies, providing guidance on implementing the new International Financial Reporting Standard (IFRS) 9 for financial instruments. The Guidance Note, issued under the authority of the Banking Act, aims to ensure compliance with IFRS 9 in financial statement preparation and regulatory capital computation during a 5-year transition period. The Note includes adjustments to quarterly and annual financial statements and the development of a new monthly return to monitor provisions related to performing loans and facilities.

This circular, issued by the Director of Bank Supervision, provides guidance for microfinance banks in Kenya on implementing International Financial Reporting Standard (IFRS) 9 on financial instruments. The new standard replaced IAS 39 and took effect from January 2018. As a guideline, this Circular is based on Section 48(2A)(b) of the Microfinance Act, 2006, which requires the Central Bank of Kenya to issue guidelines for maintaining an efficient deposit-taking microfinance system. The Guidance Note aims to clarify how institutions should comply with IFRS 9 in preparing financial statements, as required by the Institute of Certified Public Accountants of Kenya. As per this circular, during the transition period of five years, banks must add back provisions related to performing facilities/loans outstanding up to December 31, 2017, and those issued in 2018, but not for any such provisions issued after 2018. Additional rows have been added to the financial statements and other disclosure templates to facilitate the calculation of core, total, and adjusted capital ratios incorporating the additional expected credit loss provisions. The monthly return on Capital Adequacy has also been amended to consider the implications of the IFRS 9 Guidance Note. Additionally, a new monthly return - the "IFRS 9 Implementation Transition Return" - has been developed to assist in monitoring provisions for facilities/loans outstanding and performing as at December 31, 2017, and those issued in 2018 but are still performing. The primary purpose of this circular is to issue the Guidance Note on implementing IFRS 9 for reference by microfinance banks in calculating their regulatory capital.

The Central Bank of Kenya has issued a circular to all microfinance bank executives, providing guidance on implementing the new International Financial Reporting Standard (IFRS) 9 for financial instruments. The Guidance Note, issued under the Microfinance Act, 2006, aims to ensure stable and efficient practices within the sector. It outlines a 5-year transition period for adjusting regulatory capital calculations, with specific instructions for provisions and disclosures.

Part III: Risk Assessment Methodology 3.1 Identification of ML/TF Risks 3.1.1 External Risk Factors 3.1.2 Internal Risk Factors 3.1.3 Other Qualitative Risk Factors 3.2 Detailed Analysis 3.2.1 Likelihood versus Impact Matrix 3.2.2 Risk Matrix 3.2.3 Evaluation of the AML/CFT Program 3.3 Scoring and Weights 3.4 Residual Risk 4. Reporting 4.1 Reports to Management 4.2 Report to Cbk Below is a summary of the risk assessment methodology according to CBK: The Central Bank of Kenya (CBK) expects regulated entities to carry out a risk-based approach for anti-money laundering and countering financing of terrorism (AML/CFT). The following sections outline the risk assessment framework required under AML/CFT regulations. 3.1 Identification of ML/TF Risks: The process begins with the identification of money laundering and terrorist financing risks associated with the entity's operations, products, or services. This is achieved by considering both external factors (e.g., geographical risk indicators, customer behavior) as well as internal factors (e.g., transaction monitoring, employee conduct). 3.1.1 External Risk Factors: These are the risks originating from external environment which influence or affect the entity's operations. They may include legal or regulatory changes, national risk assessments, industry trends, or macroeconomic conditions. 3.1.2 Internal Risk Factors: These are the inherent risks within the institution that originate due to its business activities, products, and services, as well as the characteristics of its clients and geographical locations of their transactions. 3.1.3 Other Qualitative Risk Factors: These include additional risk factors directly or indirectly impacting inherent risks, such as significant strategy/operational changes, national risk assessments, and other factors that may influence or affect the institution's AML/CFT framework. 3.2 Detailed Analysis: Once the risks have been identified, a more detailed analysis of the data is conducted to better understand the institution's ML/TF risk profile. This includes evaluating data pertaining to the bank's activities (e.g., number of domestic and international funds transfers, types of customers, geographic locations of business areas and customer transactions). 3.2.1 Likelihood versus Impact Matrix: A likelihood vs impact matrix can be used to help determine the level of effort or monitoring required for the identified inherent risks. 3.2.2 Risk Matrix: This is another methodology that helps in assessing and categorizing risk. By using a risk matrix, an institution can identify which risk categories are low-risk, acceptable risk, or high/unacceptable risk of money laundering and terrorism financing. 3.2.3 Evaluation of the AML/CFT Program: The next step involves evaluating the internal controls in place to determine how effectively they offset the identified risks. Controls are programmes, policies, or activities that institutions put in preventing and investigating financial crimes. 3. Scoring and Weights: Institutions are expected to develop a scoring and weights model based on their business operations and risk profiles.

The Central Bank of Kenya's Guidance Note provides instructions for financial institutions to assess money laundering and terrorism financing risks. It outlines the minimum standards for developing a risk assessment framework, with the board and senior management responsible for its implementation and documentation. The process involves identifying and assessing risks associated with products, services, customers, and geography, followed by a detailed analysis and evaluation of internal controls. The assessment considers the impact and likelihood of risks, assigns weights and scores, and determines residual risk levels. Institutions must report assessment results to senior management, the board, and the Central Bank of Kenya annually.

The Central Bank of Kuwait, through Ministerial Resolution No. 39, establishes the official Register of Banks and mandates comprehensive registration procedures for all domestic institutions and foreign branches. The bylaw requires banks to submit designated applications with supporting documentation to record essential particulars, including authorized capital, bonds, statutory reserves, management personnel, and branch locations. Subsequent circulars further standardize regulatory operations by ceasing physical certificate issuance in favor of website publication and mandating timely notation of subsidiaries and associates.

The Central Bank of Kenya's Guidance Note provides instructions for financial institutions to assess money laundering and terrorism financing risks. It outlines the minimum standards for developing a risk assessment framework, with the board and senior management responsible for its implementation and documentation. The process involves identifying and assessing risks associated with products, services, customers, and geography, followed by a detailed analysis and evaluation of internal controls. The assessment considers the impact and likelihood of risks, assigns weights and scores, and determines residual risk levels. Institutions must report assessment results to senior management, the board, and the Central Bank of Kenya annually.

The Central Bank of Kenya's Guidance Note provides instructions for financial institutions to assess money laundering and terrorism financing risks. It outlines the minimum standards for developing an effective risk assessment framework, with a focus on governance, controls, and specific risk factors. The process involves identifying and analyzing risks associated with products, services, customers, and geographic locations, and evaluating the institution's AML/CFT compliance program. The results should be reported to senior management, the board, and the Central Bank of Kenya.

The Central Bank of Kenya has issued a circular to commercial banks and mortgage finance companies, emphasizing the importance of conducting money laundering and terrorism financing risk assessments. The Guidance Note provides clear standards for institutions to identify and manage these risks effectively. The results of these assessments will inform resource allocation and policy decisions to combat ML/TF effectively.

The Central Bank of Kenya (CBK) has issued a guidance note on conducting money laundering and terrorism financing risk assessments. These measures aim to strengthen the financial sector's defense against ML/TF threats, particularly in commercial banks and mortgage finance companies. Institutions are required to undertake individual risk assessments, following CBK's Prudential Guideline on Anti-Money Laundering and Combating the Financing of Terrorism (CBK/PG/08). The guidance note outlines clear parameters to assist institutions in this process. The results of these assessments will inform resource allocation and AML/CFT policies. For further enquiries, contact the Director Bank Supervision Department at the Central Bank of Kenya.

The Central Bank of Kenya has issued a circular to commercial banks and mortgage finance companies, emphasizing the importance of conducting money laundering and terrorism financing risk assessments. The Guidance Note provides clear standards for institutions to identify and manage these risks effectively. The results of these assessments will inform resource allocation and AML/CFT policy development.

On March 19th, 2018, the Monetary Policy Committee (MPC) of Kenya's Central Bank decided to reduce the Central Bank Rate (CBR) by 50 basis points, bringing it down from 10.00% to 9.50%. This change took effect immediately and consequently, borrowing from the Central Bank Window will be at a rate of 15.50%. The decision was made by the MPC following their meeting on that date.

The Central Bank of Kenya lowered its Central Bank Rate by 50 basis points to 9.50% from 10.00% effective immediately, with borrowing from the Central Bank Window now at 15.50%. This decision was made by the Monetary Policy Committee during their meeting on March 19, 2018, and communicated to all chief executives of commercial banks through a banking circular.

The Central Bank of Kuwait has issued binding instructions to regulate electronic payment services, establishing a mandatory registration framework for infrastructure providers and their agents. The directive requires existing operators to regularize their status within twelve months, sets minimum capital thresholds of one million and twenty thousand Kuwaiti Dinars respectively, and mandates comprehensive risk management, anti-money laundering compliance, and a ten-year record-keeping period. It standardizes payment execution timelines, enforces fee transparency and strict data confidentiality, protects customers from unauthorized transactions upon timely notification, and introduces a regulatory sandbox to facilitate fintech innovation.

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.

The Central Bank of Kenya issues a Guidance Note on Cybersecurity to licensed institutions, outlining minimum requirements for developing and implementing strategies, policies, and procedures to mitigate cyber risks. The board and senior management are responsible for formulating and implementing cybersecurity strategies, with internal and external auditors assessing cyber threat landscapes. Institutions should ensure third-party compliance with legal and regulatory frameworks and provide cybersecurity awareness training to all employees. Regular reviews of cybersecurity strategies are mandated, with immediate and quarterly incident reporting to the Central Bank of Kenya.

The Central Bank of Kenya issues a Guidance Note on Cybersecurity to licensed institutions, outlining minimum requirements for developing and implementing strategies, policies, and procedures to mitigate cyber risks. The note emphasizes the roles of the board, senior management, and Chief Information Security Officer (CISO) in fostering a security-conscious culture. Institutions should engage external consultants for threat assessments, conduct regular independent tests, and ensure third-party compliance with legal and regulatory frameworks. Training and awareness programs are also recommended. Institutions must submit cybersecurity policies and incident reports to the Central Bank of Kenya.

Here's the requested information for Kenya: **High-Level Contents of a Cybersecurity Policy in Kenya:** In Kenya, the Central Bank of Kenya (CBK) has issued guidelines and regulations concerning Information and Communication Technology (ICT) governance that include cybersecurity requirements. The following points highlight high-level contents of a Cybersecurity Policy in accordance with these CBK guidelines: **1. Governance:** - Clearly define the roles, responsibilities, and authorities of board members, senior management, employees, and third parties in managing cyber risks. - Develop an ICT governance framework that includes policies, procedures, standards, and controls for information security and data protection. - Establish a dedicated cybersecurity team responsible for implementing, monitoring, and maintaining the institution's cybersecurity posture. **2. Identification:** - Conduct a thorough assessment of the financial institution's critical business functions and supporting information assets to determine their level of importance. - Develop a comprehensive inventory of all IT systems, applications, and data resources used by the organization. **3. Protection:** - Establish a robust set of security controls that protect the confidentiality, integrity, and availability of its assets and services. This includes implementing firewalls, intrusion detection and prevention systems, endpoint security solutions, and other relevant technologies. - Develop and maintain strong access control measures to ensure that only authorized personnel have access to sensitive information and systems. - Implement secure development practices for all in-house developed applications and conduct regular security assessments of third-party software used by the institution. **4. Detection:** - Establish a comprehensive monitoring system to detect anomalies and events indicating a potential cyber incident. This includes implementing security information and event management (SIEM) solutions, log management systems, and other relevant tools. - Develop procedures for responding to security alerts and notifying the appropriate personnel when a potential incident is detected. - Establish a process for regularly reviewing and updating the organization's threat intelligence capabilities. **5. Resumption:** - Develop and maintain business continuity and disaster recovery plans that outline the steps to be taken in case of a cyber incident. This includes identifying critical systems, data, and processes; establishing recovery time objectives (RTO) and recovery point objectives (RPO); and testing the plans regularly. - Establish procedures for restoring normal operations after a cyber incident and ensuring that all affected systems and data are secure. - Develop a communication plan to inform customers, employees, regulators, and other stakeholders about the incident and its impact on the organization's operations. **6. Testing:** - Establish a comprehensive testing program that includes penetration testing, vulnerability assessments, and red team/blue team exercises. This will help identify weaknesses in the institution's cybersecurity posture and provide recommendations for improvement. - Regularly test the organization's incident response plan to ensure that it is effective and up-to-date. - Establish a process for regularly reviewing and updating the organization's security controls based on the results of testing and other relevant information. **7. Situational Awareness:** - Develop procedures for monitoring the organization's cybersecurity posture and identifying emerging threats and vulnerabilities. This includes staying informed about industry best practices, regulatory requirements, and threat intelligence from trusted sources. - Establish a process for regularly reviewing and updating the organization's security controls based on changes in the threat landscape. - Develop a process for regularly assessing the effectiveness of the institution's cybersecurity program and identifying areas for improvement. **8. Learning and Evolving:** - Establish a culture of cyber risk awareness throughout the organization by providing regular training and education programs for employees at all levels. - Regularly review and update the organization's security controls based on changes in technology, business requirements, and industry best practices. - Develop procedures for regularly assessing the effectiveness of the institution's cybersecurity program and identifying areas for improvement. **9. Collaboration:** - Establish relationships with other financial institutions, government agencies, and industry partners to share information about emerging threats and best practices for managing cyber risks. - Participate in industry associations and working groups to stay informed about industry trends and developments in cybersecurity technology and regulation. - Develop procedures for reporting cyber incidents to the appropriate authorities, including law enforcement and regulatory bodies. **10. Reporting:** - Establish a process for regularly reviewing and updating the organization's security controls based on changes in the threat landscape. - Develop a comprehensive reporting framework that includes regular reports to senior management, the board of directors, and relevant stakeholders about the institution's cybersecurity posture and performance. - Maintain a comprehensive archive of all cyber incident reports and other relevant documentation for future reference and analysis.

The Central Bank of Kenya issues a guidance note on cyber risk to maintain a stable and efficient banking system. The note sets minimum requirements for institutions to develop strategies, policies, and procedures to mitigate cyber risks, outlining roles for the board, senior management, and a Chief Information Security Officer. Institutions should also engage external consultants and conduct regular assessments to understand their cyber threat landscape and ensure a proactive approach to cybersecurity.

Thank you for providing this comprehensive guide on Cybersecurity Framework for Financial Institutions in Kenya. It is clear that the Central Bank of Kenya (CBK) has put significant thought into developing a robust framework to help financial institutions protect their systems and data against cyber threats. To summarize, here are the key points you should focus on: 1. Board Commitment and Oversight: The board must demonstrate its commitment to cybersecurity by ensuring that there is an appropriate governance structure in place, with a clear responsibility for overseeing cybersecurity risks and controls. 2. Risk Assessment and Management: Regular risk assessments should be conducted to identify potential cyber threats and vulnerabilities. This involves understanding the threat landscape, identifying critical assets, assessing existing controls, and prioritizing actions based on risk appetite and risk tolerance. 3. Incident Response Plan: An incident response plan must be in place that outlines the steps to be taken during and after a security incident. This should include roles and responsibilities of staff, incident detection and assessment, reporting, escalation, and strategies deployed. 4. Chief Information Security Officer (CISO): The introduction of the role of the CISO is crucial for proactive cybersecurity management. They are responsible for overseeing and implementing the institution's cybersecurity program, enforcing the cybersecurity policy, maintaining comprehensive cyber risk registers, and reporting to the board on a regular basis. 5. Regular Independent Assessment and Test: Both internal auditors (within the Internal Audit team) and external auditors should conduct regular independent threat and vulnerability assessment tests. This includes understanding the institution's IT infrastructure, use of IT, and the impact of IT on financial statements. 6. Training/Awareness: Institutions must implement IT security awareness training programs for all employees. They should also provide ongoing technical training to cybersecurity specialists within the institution and offer information about good IT security practices, common threat types, and the institution's policies and procedures to customers and clients as well. 7. Reporting: Financial institutions are required to submit their Cyber Security Policy, strategies, and frameworks to the Central Bank of Kenya by 31st August 2017. They must also notify CBK immediately if they become aware of a cybersecurity incident that could have a significant and adverse impact on the institution's ability to provide adequate services to its customers, its reputation, or financial condition. Remember, the key to effective cybersecurity is not just about implementing security measures but also about understanding the risks involved and continuously monitoring and updating those measures accordingly. So, keep this comprehensive framework handy as you work towards strengthening your institution's cybersecurity posture.

The Central Bank of Kenya (CBK) and the Kenya Bankers Association (KBA) have launched a 'cost of credit' website to provide detailed information on total cost of credit as required by the Prudential Guidelines on Consumer Protection - CBK/PG/22. This site features an Annual Percentage Rate (APR) loan calculator, repayment schedule (RS), and total cost of credit disclosures for personal secured loans, unsecured loans, and mortgages. Commercial banks must fully participate in the initiative, submitting and updating data on these three loan types quarterly or upon changes. KBA has developed a standard template for disclosing all total cost of credit information, with transparency seen as crucial to an effective banking system.

The Central Bank of Kenya, in collaboration with the Kenya Bankers Association, has launched a 'cost of credit' website to enhance transparency in the banking sector. This initiative aims to provide standardized information on the total cost of credit, including annual percentage rates, repayment schedules, and total costs. All commercial banks are expected to participate by submitting, updating, and uploading data on specified loan types, ensuring accuracy and timeliness.

The Central Bank of Kenya has collaborated with the Kenya Bankers Association to develop a 'cost of credit' website initiative aimed at promoting transparency and full disclosure of credit information in the banking sector. This platform provides standardized information on the total cost of credit, including Annual Percentage Rate (APR), Repayment Schedule (RS), and Total Cost of Credit (TCC). The initiative will be gradually rolled out for various loan facilities, with microfinance banks being responsible for submitting accurate data on a quarterly basis. The success of the initiative depends heavily on the participation of all stakeholders in the banking industry, including chief executives and heads of credit of each institution.

The Monetary Policy Committee of the Central Bank of Kenya has maintained the Central Bank Rate at 10% following their meeting on January 30, 2017. Consequently, the Central Bank Window Rate remains at 16%. This decision is communicated to all Chief Executives of commercial banks by Mwenda K. Marete, Ag. Director of Banking Services and Risk Management Department.

The Central Bank of Kenya's Monetary Policy Committee decided to maintain the Central Bank Rate at 10.00%, with the Central Bank Window Rate staying at 16.00%. This decision was communicated to all commercial bank chief executives via a banking circular on January 31, 2017.

This banking circular reminds all commercial banks to comply with the relevant guidelines and laws on anti-money laundering and combating financing of terrorism. It specifically warns them against dealing with or offering services to any unlicensed entity engaged in activities involving the mobilization of funds from the public, such as Ponzi/pyramid schemes. Institutions must conduct customer due diligence measures, monitor accounts, and report suspicious activities. Any failure to follow this directive will result in appropriate administrative action.

The Central Bank of Kenya's Monetary Policy Committee decided to maintain the Central Bank Rate at 10.00%, with the Central Bank Window Rate staying at 16.00%. This decision was communicated to all commercial bank executives via a banking circular on January 31, 2017.

The Central Bank of Kenya (CBK) has issued a finalized Guidance Note on Internal Capital Adequacy Assessment Process (ICAAP) for commercial banks and mortgage finance companies in compliance with Section 33(4) of the Banking Act. This note applies to institutions' ICAAP documents and regulatory submissions, requiring them to submit their 2016 ICAAP Documents by 30th April 2017. The ICAAP process enables banks to determine adequate capital levels for managing risks and is based on the Banking Act and Prudential Guideline on Capital Adequacy.

The Central Bank of Kenya's guidance note on the Internal Capital Adequacy Assessment Process (ICAAP) aims to ensure banks have adequate capital to support their risks. Banks must develop an ICAAP document outlining their capital levels, strategies, and risk profiles. The ICAAP should be formalized, comprehensive, and subject to internal review and approval. It should also consider the interactions between risks and include stress testing for a minimum of three years. The Board and senior management are responsible for ensuring adequate capital, establishing capital planning policies, and reviewing the ICAAP. The ICAAP report should enable the Central Bank to assess the bank's capital planning process, risk exposure, and total internal capital.

The guidance note outlines the Central Bank of Kenya's expectations for banks' Internal Capital Adequacy Assessment Process (ICAAP) to ensure adequate capital for mitigating risks. Banks must develop an ICAAP document, reviewed by the Central Bank, that identifies, measures, aggregates, and monitors risks, with capital plans and stress tests over a minimum three-year period. The ICAAP should be comprehensive, covering various risks, and proportional to the bank's size and complexity, with board and senior management oversight, sound capital planning, risk assessment, stress testing, monitoring, and internal control review. The ICAAP report enables the Central Bank to assess capital planning, risk exposure, and total internal capital.

The Central Bank of Kenya has issued a finalized Guidance Note on Internal Capital Adequacy Assessment Process (ICAAP) for commercial banks and mortgage finance companies to follow when developing or revising their ICAAP documents. This follows the exposure period where comments were considered from banks and members of the public, with the purpose of guiding these institutions in maintaining a stable and efficient banking and financial system. The guidelines are issued pursuant to Section 33(4) of the Banking Act, and commercial banks and mortgage finance companies must submit their 2016 ICAAP Documents by 30th April 2017.

The guidance note outlines the Central Bank of Kenya's expectations for banks' Internal Capital Adequacy Assessment Process (ICAAP) to ensure adequate capital for mitigating risks. Banks must develop an ICAAP document, reviewed by the Central Bank, that identifies, measures, aggregates, and monitors risks, with capital plans and stress tests over a minimum three-year period. The ICAAP should be proportional to the bank's size and complexity, with comprehensive risk identification and assessment, stress testing, monitoring, and internal controls. The report enables the Central Bank to assess capital planning, risk exposure, and total internal capital.

The Monetary Policy Committee of Kenya's Central Bank decided on May 21, 2009, to revise the Central Bank rate from 8.25% to 8.0%, effective immediately. Additionally, beginning May 25, 2009, liquidity management instrument tenors for Repurchase/Reverse Repurchase Agreements (Repo/Reverse Repo), late Repo, and Term Auction facility will be unified at a single tenor of 5 days only. The late repo will continue to be priced 100 basis points below the latest available average rate for early repo.

The East African Payment System (EAPS) has been launched, and Kenya, Uganda, and Tanzania are currently participating in the exchange of live messages. Rwanda has completed the User Acceptance Testing phase and is now ready to join. All commercial banks are requested to open Rwandese Francs Clearing Accounts in the Central Bank of Kenya to facilitate EAPS transactions.

The Central Bank of Kenya is notifying all commercial banks of improvements to currency operations, including the handling of counterfeit notes and penalties for non-compliance with sorting guidelines and timelines. The bank is taking these actions to curb the circulation of counterfeit currency and ensure efficient and secure currency operations.

In response to the introduction of Kenya Electronic Payment and Settlement System (KEPSS) in 2005, Central Bank has decided to extend KEPSS window times. Starting from July 1st, Window 1 will operate from 8:30 am to 3 pm, Window 2 will be open from 3 pm to 4:30 pm with the system shutting down at 5 pm. However, banks can choose to extend their working hours up to 6 pm as per existing KEPSS rules and procedures. This move aims to improve banking services for customers by extending business hours.

The Central Bank of Kenya has revised the Cash Reserve Requirement (CRR) from 6% to 5% and the Central Bank Rate (CBR) from 9% to 8.5%, effective immediately as of December 1st, 2008. This decision was made by the Monetary Policy Committee (MPC) and communicated to all commercial banks through a banking circular.

On 9th June 2014, the Central Bank of Kenya issued a banking circular requesting all commercial banks to open Rwandese Francs Clearing Accounts in their institution. This was done as a follow-up action after Rwanda completed the User Acceptance Testing phase and was ready to join the East African Payment System (EAPS) in the live environment. The EAPS, launched on 16th May 2014 by the Central Bank Governors of Kenya, Uganda, Tanzania, and Rwanda, enables cross-border interbank payments among these countries. To enable commercial banks to participate in this system for Rwandese Francs transactions, they were asked to open a dedicated EAPS account for Rwandese Francs with the Central Bank of Kenya by 18th June 2014. The request should be made via a letter signed by two authorized signatories and followed by submission of mandate application forms as per guidelines. Once these conditions were fulfilled, the Central Bank of Kenya would send an acknowledgement confirming their participation in the EAPS system for Rwandese Francs transactions upon successful fulfillment of the above conditions. Any queries or clarifications could be addressed to Corazon Kamaan or Monica Oraro via email or phone.

Following a Monetary Policy Committee meeting on 1st December 2008, the Central Bank of Kenya has revised the Cash Reserve Requirement (CRR) from 6% to 5%, and the Central Bank Rate (CBR) from 9% to 8.5%. These changes are immediate. Director, Banking Services Department.

This Banking Circular No.9 of 2008 addresses the revisions in the Treasury Bill Rediscount Rate methodology. The Central Bank has decided to de-link this rate from the CBR, which is a Monetary Policy signalling instrument, and align it with market value. For the 91-day bill, the new rate will be 3 percentage points above the prevailing average, and for the 182-day bill, the rate will be 3 percentage points above the respective 182-day Treasury Bills' average rate. The changes are immediate, while the rates for Treasury Bonds remain as stated in their respective bond issues' prospectus.

On June 9th, 2014, a banking circular was issued to the Chief Executives of commercial banks in Kenya. This circular requested them to open Rwandese Francs Clearing Accounts at the Central Bank of Kenya (CBK). The purpose of these accounts is for transacting East African Payment System (EAPS) transactions involving Rwanda, as this country had successfully completed its User Acceptance Testing phase and was now ready to join EAPS live environment. To open these accounts, commercial banks were instructed to send a signed letter to the Director of Banking Services & Risk Management Department at CBK. After the accounts were confirmed, they were required to fill in mandate application forms to introduce their authorized signatories for processing and submit them with a forwarding letter. The entire process needed to be completed by Wednesday, June 18th, as it was a prerequisite for go-live. Any clarifications could be sought from Corazon Kamaan or Monica Oraro at the provided contact information.

The Central Bank of Kenya has revised the Central Bank rate from 8.25% to 8.0%, effective immediately. They have also reviewed the tenors of their liquidity management instruments, with the tenors for Repurchase/Reverse Repurchase Agreements, late Repo, and Term Auction facility being revised to a single tenor of 5 days, effective from May 25, 2009. This change in tenor aims to streamline the bank's liquidity management processes.

The Bank of Uganda has set out specific penalties for various instances where commercial banks violate the provisions related to cash handling and transportation. Here is a summary of the key points: 1. Loss of banknotes or coins in transit - Shs 20,000 per consignment/deposit if less than two pieces are lost; making good the shortage twice the face value of the total number of missing pieces. 2. Shortage in notes or coins deposited at the Bank (maximum tolerance: up to two pieces for each denomination) - No penalty if two pieces or fewer per deposit. If more than two pieces are short, penalties apply according to the table below: 3. Counterfeit notes detected in deposits - Penalties depend on whether they are coins or notes; either 5 times the face value of the counterfeit items or Shs 10,000 per consignment/deposit for coins, and 5 to 100 times the face value of the counterfeit items depending on the denomination for banknotes. 4. Detection of unfit notes in fit notes or mutilated notes - Penalties depend on whether they are coins or notes; Shs 20,000 per consignment/deposit for improperly sorted bundles containing up to 500 items; Shs 100,000 for 501 and more improperly sorted bundles. 5. Mix-up in denomination or mislabeling of packages - Shs 5,000 per deposit. 6. Torn coin bags or unpackaged bundles - Shs 5,000 per deposit. 7. Shortage/excess in number of bundles delivered for deposit - Shs 50,000 per consignment/deposit; penalties will be levied if there are three instances of penalty within a month.

The Central Bank of Kenya has announced a 25 basis point reduction in the Central Bank Rate (CBR) from 8.0% to 7.75%, and lowered the cash reserve ratio from 5% to 4.5%. Additionally, the tenor for repo transactions has been extended from 5 days to 7 days. All changes will be effective immediately, with an expectation that banks prioritize their interbank and horizontal repo opportunities before applying for reverse repo.

The Central Bank of Kenya lowered the Central Bank Rate and the Cash Reserve Ratio by 25 basis points and 0.5 percentage points, respectively, during its Monetary Policy Committee meeting on July 22, 2009. The bank also lengthened the tenor for repo transactions from 5 to 7 days and advised banks to prioritize interbank and horizontal repo opportunities before applying for reverse repo. These changes took effect immediately.

The Central Bank of Kenya is extending the operating hours of the Kenya Electronic Payment and Settlement System (KEPSS) to allow banks to better serve their customers. Starting July 1, 2009, KEPSS Window 1 will operate from 8:30 am to 3:00 pm, and Window 2 will be open from 3:00 pm to 4:30 pm, with the system shutting down at 5:00 pm. Banks may further extend their window times up to 6:00 pm if needed.

The Central Bank of Kenya has decided to revise the Treasury Bill Rediscounting rate, delinking it from the Central Bank Rate and aligning it with the market value of the underlying securities. The new rates for the 91-day and 182-day Treasury bills will be 3 percentage points above their respective prevailing average rates. These changes are effective immediately, while the rediscount rates for Treasury Bonds remain unchanged as stated in their prospectuses.

The Monetary Policy Committee of Kenya's Central Bank has decided to raise the Central Bank Rate (CBR) by 150 basis points, bringing it up to 10.00%. This adjustment will be implemented immediately. Subsequently, borrowing from the Central Bank Window is set at 16%. These actions are in response to recent policy decisions made during their meeting held on June 9th, 2015.

The Central Bank of Kenya raised the Central Bank Rate by 150 basis points to 10.00% during a Monetary Policy Committee meeting on June 9, 2015. The new rate took effect immediately, and borrowing from the Central Bank Window will be at 16%. This announcement was communicated to all chief executives of commercial banks in Kenya.

The Bank of Kenya has noticed that contributors to the KES1 page on Reuters 3011 Xtra consistently fail to update their trading levels promptly. This delay leads to distorted market information and misleading signals. As market makers, it is expected that contributors update their positions at all times when the market is active, as any manipulation may contravene prudential guidelines.

The Central Bank of Kenya is reminding commercial banks that contributors to the KES1 page on Reuters 3000 Xtra must update their trading levels promptly to reflect their positions and that of the market. Failure to do so may be considered deliberate manipulation of the market. The Bank also emphasizes that dealers should be ready to deal at the rates displayed on this page when the Central Bank of Kenya is in the market to sell or buy foreign exchange.

The minimum amount for interbank foreign exchange trades is USD 500,000, with prices quoted for this amount. Smaller trades can be executed on a market taker basis but are not considered interbank. This clarification is communicated to all commercial banks by the Assistant Director of the Financial Markets Department.

The Banking Circular No. 11 of 2015 clarifies the following regarding the interbank foreign exchange market: a) The minimum amount for trading in the interbank market is USD 500,000 and applies to all trades executed by inter-dealer brokers; b) Banks wishing to trade smaller amounts may do so on a "market taker" basis and these trades will not be considered as interbank; c) Prices quoted by banks in the interbank market are good for USD 500,000.

The Central Bank of Kenya (CBK) has received complaints from customers about banks increasing charges and converting savings accounts to transactional accounts without consent. CBK reminds banks that any changes to charges or product features must be approved by the CBK and properly communicated to customers, emphasizing that non-compliance is illegal and will result in consequences.

The Central Bank of Kenya's Monetary Policy Committee reviewed and lowered the Central Bank Rate by 50 basis points to 10.00% from 10.50% at its meeting on September 20, 2016. This change took immediate effect, and as a result, borrowing from the Central Bank Window will be at a rate of 16.00%.

On September 20th, 2016, the Monetary Policy Committee of Kenya's Central Bank reduced the Central Bank Rate (CBR) by 50 basis points, from 10.50% to 10.00%. As a result, borrowing from the Central Bank Window will be at an increased rate of 16.00%. This change takes immediate effect.

The letter from the Central Bank of Kenya informs commercial banks and mortgage finance companies that the Banking (Amendment) Act, 2016 will come into effect on September 14, 2016, and outlines key provisions, including a cap on interest rates for credit facilities and requirements for disclosure of loan charges and terms. The CBK also emphasizes its commitment to further reforms for improving the credit market and enhancing the transmission of monetary policy.

On 13th September 2016, CBK published Banking Circular No. 4 outlining the commencement of the Banking (Amendment) Act, 2016 on 14th September. The act sets new provisions for interest rates and disclosure requirements. The Central Bank Rate (CBR) is now the base rate, which when set at four percentage points above, will determine the maximum chargeable credit facility interest rate. Interest rates are to be reported monthly, with the first returns due by 7th October for end-September data. Loan disclosure policies must be submitted to CBK by 30th September, ensuring full transparency for borrowers regarding loan terms and charges. Further reforms aimed at improving credit market operations will also be implemented by the Central Bank, which aims to improve monetary policy transmission.

The circular issued by the Central Bank of Kenya instructs commercial banks and mortgage finance companies to freeze all accounts and funds related to a specified list of entities, including Al-Shabaab and Al-Qaeda, and to cease providing financial services to these entities. Institutions must comply with the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations, 2013, and file suspicious transaction reports with the Financial Reporting Centre. The circular emphasizes the importance of updating the Central Bank on actions taken within 48 hours.

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.

On May 24, 2016, the Central Bank of Kenya's Monetary Policy Committee (MPC) reduced the Central Bank Rate (CBR) by 100 basis points to 10.50% from 11.50%. This adjustment took immediate effect and subsequently, overnight borrowing from the Central Bank of Kenya Overnight Window would be at 16.50%.

The Central Bank of Kenya lowered the Central Bank Rate by 100 basis points to 10.50% from 11.50% at its Monetary Policy Committee meeting on May 23, 2016. This change took effect immediately, and as a result, borrowing from the Central Bank of Kenya Overnight Window will be at 16.50%. This information was communicated to the chief executives of commercial banks in a banking circular issued by the Director of Banking Services, NPS & Risk Management Department.

This circular from the Counter Financing of Terrorism Inter-Ministerial Committee requires all chief executives of microfinance banks in Kenya to comply with the Prevention of Terrorism Act and related regulations. The purpose is to inform banks of a list of specified entities, which are subject to immediate account freezing and cessation of financial services. Institutions must also file suspicious transaction reports with the Financial Reporting Centre (FRC) within 48 hours of receiving this circular and provide an update on actions taken to the Central Bank. In case of queries or clarifications, please contact the Director of Bank Supervision at the Central Bank. This is in response to a government announcement declaring certain entities as specified entities under the Prevention of Terrorism Act.

The Central Bank of Kenya has issued a circular to all principal officers of foreign exchange bureaus, informing them of a list of specified entities issued by the Counter Financing of Terrorism Inter-Ministerial Committee. The entities include Al-Shabaab, Al-Qacda, Boko Haram, and the Islamic State of Iraq and Syria (ISIS). Institutions are instructed to freeze all accounts and cease providing financial services to these entities and to comply with the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations, 2013.

The circular issued by the Central Bank of Kenya on July 27, 2016, instructs microfinance banks to freeze all accounts and cease providing financial services to a list of specified entities, including Al-Shabaab and Al-Qacda, as declared by the Cabinet Secretary for Interior and Coordination of National Government on March 14, 2016, under the Prevention of Terrorism Act. Institutions are also instructed to comply with the provisions of the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations, 2013, and to report any suspicious transactions to the Financial Reporting Centre.

This banking circular, issued on July 27th, 2016, informs all chief executives of commercial banks and mortgage finance companies in Kenya about the implementation of communication on specified entities by the Counter Financing of Terrorism Inter-Ministerial Committee. The purpose is to forward an attached list of specified entities pursuant to the Prevention of Terrorism Act and its attendant Regulations for information and action. As required, institutions should immediately freeze all accounts including funds in transit for, and properties held by the specified entities, and cease providing financial services to them. In addition, institutions must fully comply with the provisions of the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations, 2013. This includes filing a suspicious transaction report with the Financial Reporting Centre within the timeframe specified by section 44 of the Proceeds of Crime and Anti-Money Laundering Act, 2009. Updates on actions taken must be submitted to the Central Bank within 48 hours of receiving this circular. Any queries or clarifications can be directed to the Director Bank Supervision at the Central Bank of Kenya.

This circular from the Central Bank of Kenya advises all Chief Executive Officers of Money Remittance Providers to take action against specified entities as declared by the Counter Financing of Terrorism Inter-Ministerial Committee. These entities, according to the Prevention of Terrorism Act and the attendant Regulations, must have their accounts frozen, provision of financial services halted, and suspicious transactions reported to the Financial Reporting Centre within 48 hours. Institutions are also required to update the Central Bank on the actions taken.

The Central Bank of Kenya reminds financial institutions of their obligations to submit accurate credit information to licensed credit reference bureaus, highlighting the benefits of the credit information sharing mechanism for risk management and sector stability. Institutions must comply with the Credit Reference Bureau Regulations, 2013, specifically regarding data accuracy, customer notification, and permissible grounds for adverse customer listing, with enforcement actions for non-compliance. This circular aims to address issues like incomplete data submission, failure to advise customers of adverse listings, and inappropriate use of credit information for threats or blanket credit denials.

The Kenyan banking sector has made progress in implementing a credit information sharing mechanism (CIS). This system assists banks in identifying high-risk customers and recovering previously unrecoverable debts, promoting the industry's stability and enhancing borrower culture. However, there are concerns about some institutions not submitting accurate and complete data to credit reference bureaus, failing to inform customers about their listing, and using it as a blacklist mechanism rather than a risk management tool. The Central Bank has issued a circular reminding banks of their obligations regarding exchanging information with licensed credit reference bureaus. The purpose is to ensure compliance with the provisions of the Credit Reference Bureau Regulations 2013. This includes submitting accurate data, notifying customers about the submission, and adhering to permissible grounds for adverse listing. Failure to comply with these requirements may result in enforcement action under the Banking Act, Microfinance Act, and Credit Reference Bureau Regulations.

The Central Bank of Kenya has issued a circular to all chief executive officers of money remittance providers, informing them of a list of specified entities issued by the Counter Financing of Terrorism Inter-Ministerial Committee. The bank instructs institutions to freeze all accounts and funds and cease providing financial services to the specified entities, which include Al-Shabaab, Al-Qacda, Boko Haram, and others. Institutions are also instructed to comply with the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations, 2013, and to update the Central Bank on actions taken within 48 hours.

The Central Bank of Kenya, in collaboration with other East African Partner States' central banks (Bank of Tanzania, Bank of Uganda, National Bank of Rwanda and Banque de la Republique du Burundi), has adopted a multi-currency model called the East Africa Cross Border Payment System (EAPS) to facilitate clearing of cross-border payment instruments for efficient trade within the East African region. The model has several key features: 1. It uses the currencies of the partner states, with no currency conversion within the system. Customers and their banks will agree on exchange rates and obtain foreign exchange outside of the central banks. 2. EAPS connects the existing RTGS systems of the partner states' central banks and is designed to affect payments against pre-funded settlement accounts in the currencies of the partner states. 3. Commercial banks are required to execute and return an East Africa Cross Border Payment & Settlement System Participation Agreement to the Central Bank of Kenya, outlining contractual commitments and operational rules and procedures for participation.

The Central Bank of Kenya has informed commercial banks of a downward review of the Central Bank Rate (CBR) by 25 basis points, from 6.00% to 5.75%, effective immediately. This decision was made by the Monetary Policy Committee at their meeting on January 27, 2011. The circular communicating this change was issued on January 28, 2011.

The Central Bank of Kenya has announced a 25-basis point reduction in the Central Bank Rate (CBR) from 7.00% to 6.75%, as decided by the Monetary Policy Committee on March 23rd, 2010. This change will take effect immediately.

The Central Bank of Kenya has informed commercial banks that the Monetary Policy Committee has lowered the Central Bank Rate (CBR) by 25 basis points from 7.00% to 6.75%. This change is effective immediately as of March 24, 2010. The letter was sent to all chief executives of commercial banks in Kenya.

The Monetary Policy Committee raised Kenya's Cash Reserve Requirement (CRR) from 4.5% to 4.75% and increased the Central Bank Rate (CBR) from 6.00% to 6.25%. Additionally, the tenor for late repurchase agreements (repos) has been shortened to four days at 100 basis points below the average early repo rate. These changes are immediate effects.

The Central Bank of Kenya has announced a 25 basis point reduction in the Central Bank Rate (CBR) from 6.00% to 5.75%, effective immediately, following a decision made by the Monetary Policy Committee on January 27th. This information is addressed to all commercial banks' Chief Executives.

The Central Bank of Kenya has announced a decrease in the Central Bank Rate (CBR) by 75 basis points, reducing it from 6.75% to 6.00%. This change was made following the Monetary Policy Committee's meeting on July 28th, 2010 and will take effect immediately. The decision is communicated by Gerald A. Nyaoma, Director of Banking Services Department.

The Central Bank of Kenya, along with other East African banks, has been working to facilitate the clearing of cross-border payment instruments for efficient regional trade. They have adopted a multicurrency model connecting the Real Time Gross Settlement (RTGS) systems of the partner states, allowing the use of partner states' currencies without conversion within the system. Commercial banks, as participants in the East Africa Cross Border Payment System (EAPS), are required to execute and return the EAPS Participation Agreement to the Central Bank of Kenya.

The Monetary Policy Committee raised the Cash Reserve Requirement and Central Bank Rate, with changes taking effect immediately. The late repurchase agreement tenor will be reduced from seven to four days, and the rate will be 100 basis points below the early repo rate average. This announcement was made by the Bank of Kenya on June 2, 2011.

The Central Bank of Kenya has informed commercial banks that the Monetary Policy Committee has lowered the Central Bank Rate by 75 basis points from 6.75% to 6.00% effective immediately. This decision was made at the committee's meeting on July 28, 2010, and communicated to all chief executives of commercial banks through a banking circular.

The document contains two legal notices. The first notice, issued by the Attorney-General, excludes printers and publishers of "PR Week Report" from the bond requirements of the Books and Newspapers Act. The second notice, issued by the Central Bank of Kenya, outlines regulations and penalties for foreign exchange bureaus, including requirements for audited accounts, information disclosure, and minimum capital levels.

In a circular dated January 20, 2016, the Central Bank of Nigeria (CBN) introduced a zero Commission on Turnover (COT) regime in the Nigerian banking industry. Banks are allowed to charge a Negotiable Current Account Maintenance Fee not exceeding N1 per mille for all customer-induced debit transactions, as part of promoting financial stability. The previous COT charges should be eliminated under this new policy, with strict compliance enforced.

The Banking Act of Kenya outlines the requirements for carrying out banking business, licensing of institutions, prohibited business, reserves and dividends, accounts and audits, information and reporting requirements, inspection and control of institutions, and miscellaneous provisions.

The Central Bank of Kenya (CBK) has released additional guidelines on handling large cash transactions, emphasizing the requirement to obtain written statements from customers for such deposits or withdrawals. These new guidelines apply to all financial institutions in the country and aim at reducing the risk of money laundering and terrorism financing by increasing transparency in large cash transactions. Institutions are now required to gather additional information when handling these transactions, including the purpose of the money, the identity of beneficiaries, and the source of the funds. If a customer cannot provide this information or if the provided facts do not justify the transaction, the institution must report it to the Financial Reporting Centre. Failure to comply with these requirements may result in termination of the banking relationship and further penalties for providing false information.

The Central Bank of Kenya is issuing additional guidelines on large cash transactions to combat money laundering and terrorism financing. Financial institutions must obtain written statements from customers justifying substantial cash deposits or withdrawals and provide additional information, including the reason for the transaction, why it cannot be done electronically, and the source and intended beneficiaries of the funds. Institutions must report suspicious transactions to the Financial Reporting Centre.

The Central Bank of Kenya (CBK) has issued a circular to all financial institutions in the country, warning against the use of virtual currencies like Bitcoin. The CBK states that virtual currencies are not legal tender in Kenya and carry various risks, including anonymity, lack of regulation, and speculative value. Financial institutions are advised not to open accounts for anyone dealing in virtual currencies, with non-compliance leading to remedial action from the CBK.

The Central Bank of Kenya (CBK) has issued a banking circular warning commercial banks, mortgage finance companies, and microfinance institutions against dealing in virtual currencies or transacting with entities involved in such activities. It informs that virtual currencies like Bitcoin are not legal tender in Kenya, lack government or central bank issuance or guarantee, and may involve high risks due to their anonymous nature, susceptibility to criminal abuse, lack of legal redress for consumers, unregulated trading platforms, and speculative value fluctuations. The CBK has expressly advised financial institutions against opening accounts for individuals dealing in virtual currencies, with non-compliance leading to appropriate remedial action.

The Central Bank of Kenya (CBK) has expressed concern over institutions appointing directors and senior officers before they are vetted and certified by the bank, which is a mandatory requirement according to Section 9A(1) of the Banking Act. Violations will result in penalties including disqualification from the banking sector, as directed by Director of Bank Supervision Gerald Nyaoma.

The Central Bank of Kenya is concerned about institutions appointing directors and senior officers without prior vetting and certification. Section 9A(1) of the Banking Act mandates that no person should be appointed as a director or senior officer without being certified by the Central Bank as fit and proper to manage or control the institution. Violation of this requirement will result in penalties, including disqualification from working in the banking sector.

As a reminder to all commercial banks, mortgage finance companies, and microfinance banks in Kenya, the Central Bank has reiterated their obligations under the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws, regulations, and Prudential Guidelines. The Central Bank will enforce actions against institutions that violate these guidelines, including penalties, removal of directors or senior management, and potential placement under receivership or liquidation. In an effort to further enhance the supervision of AML/CFT, the CBK has introduced two new returns: a quarterly return capturing data on exposure to ML/TF risks, and an annual self-assessment questionnaire evaluating internal controls against ML/TF risks. Financial institutions must ensure that submitted data is accurate. For further enquiries regarding the returns, contact the Director of Bank Supervision Department at the Central Bank of Kenya.

The Central Bank of Kenya is reminding financial institutions of their obligations under the country's robust anti-money laundering and counter-terrorism financing (AML/CFT) laws and regulations. The Bank will take enforcement actions for violations, including penalties and removal of directors. To enhance AML/CFT supervision, the Bank has introduced new returns for institutions to report on their exposure to ML/TF risks and their systems of controls.

The Central Bank of Kuwait establishes binding rules for classifying credit facilities and calculating provisions, requiring local banks to implement internal committees that evaluate client risk and apply standardized provisioning matrices. The regulation dictates specific accounting treatments for revenues, collateral valuation, and sovereign loans while mandating compliance with International Financial Reporting Standards to guarantee transparent closing financial statements. It further standardizes reporting formats, repeals conflicting prior directives, and ensures consistent application of general and specific provisions across the banking sector.

The Central Bank of Kuwait issued Instructions No. 2/BS/IBS/FS/IFS/ES/340/2014 to regulate the purchase, sale, and disposal of treasury shares by all CBK-supervised companies listed on the Kuwait Stock Exchange. Regulated entities must obtain prior Central Bank approval, limit transactions to ten percent of paid-up capital funded exclusively by reserves and profits, and submit detailed quarterly statements to external auditors. The directives mandate specific accounting treatments, including the establishment of a non-distributable Treasury Shares Reserve and strict disclosure requirements, while superseding all prior treasury share regulations effective October 21, 2014.

The Central Bank of Kenya Act outlines the establishment, constitution, and objects of the Central Bank of Kenya, including its role in issuing currency and regulating foreign exchange. The Act also covers the management of the bank, its relations with public entities, and miscellaneous provisions such as audits and regulations.

The Central Bank of Kenya has announced changes to inter-bank market operations to promote efficiency and transparency in the foreign exchange market. These changes include a minimum price for inter-bank trade of USD 500,000, specific dealing times, a maximum spread between indicative two-way quotes, and requirements for banks' indicative quotes on Reuters or Bloomberg screens. These regulations are effective immediately.

The Central Bank of Kenya has authorized ICAP Voice Brokers to operate in the Kenyan foreign exchange market, allowing commercial banks to utilize their services. The bank is also engaging with other Voice Broking Service Providers and will announce their approval to operate once finalized. This information is conveyed in Banking Circular No. 4 of 2015, addressed to all chief executives of commercial banks and authorized foreign exchange dealers/brokers.

Circular No. 6 of 2015 from the Central Bank of Kenya informs all chief executives of commercial banks that Micromega Africa Money Brokers (MAMB) has been authorized as an inter-dealer broker in the domestic foreign exchange market. This authorization allows commercial banks to utilize their services, and the bank will continue monitoring forex market developments while issuing further updates/guidelines when necessary.

The Central Bank of Kenya has announced changes and clarifications related to inter-bank market operations, aiming for efficiency and transparency in the foreign exchange market. Effective immediately, minimum trade value is set at USD 500,000, trading hours are from 8:30 AM to 4:30 PM Monday through Friday, and the maximum spread between indicative two-way quotes should not exceed KES 20 cents. Additionally, banks must reflect their most current rates on Reuters' or Bloomberg's screens during trading hours.

The Central Bank of Kenya has authorized ICAP Voice Brokers to operate in the Kenyan foreign exchange market, and commercial banks may use their services. The bank is currently engaging with other potential service providers and will update the market once they are approved for operation. This announcement was made by Gerald A. Nyaoma, Director of Financial Markets, on May 28th, 2015.

The Kenyan central bank has raised its Central Bank Rate to 11.50% and introduced a 3-day repo effective immediately. Rates for repo bids will be at 11.50%, with successful Term Auction Deposits (TAD) bids attracting an interest rate of 14.00%. Borrowing from the Central Bank's Overnight Window now has a 17.50% interest rate. This announcement comes after decisions made by the Monetary Policy Committee, with this repo available only on Monday to Thursday every week.

The Central Bank of Kenya has raised the CBR to 11.50% and introduced a 3-day Repo available Monday to Thursday. The new rates for Repo bids, Reverse Repo bids, Term Auction Deposits, and Overnight Window borrowing are now 11.50%, 11.50%, 14.00%, and 17.50% respectively. These changes are effective immediately.

The Central Bank of Kenya has authorized ICAP Voice Brokers to operate in the Kenyan foreign exchange market, allowing commercial banks to utilize their services. The bank is also engaging with other Voice Broking Service Providers and will announce their approval to operate once finalized. This information is conveyed in Banking Circular No. 4 of 2015, addressed to all chief executives of commercial banks and authorized foreign exchange dealers/brokers.

The Central Bank of Kenya has authorized Micromega Africa Money Brokers as an inter-dealer broker in the domestic foreign exchange market, allowing commercial banks to utilize their services. The Central Bank will continue to monitor the forex market and provide updates as necessary. This information is communicated to all chief executives of commercial banks and the authorized foreign exchange inter-dealer broker, Micromega Africa Money Brokers.

This Kenyan banking circular from July 9th, 2015 advises chief executives of commercial banks regarding changes in the Central Bank Rate (CBR) and introduction of a 3-day repo. The CBR has been raised to 11.50 percent and will be available Monday to Thursday each week. Interest rates for various operations have been adjusted accordingly, with the highest acceptable interest rate for Repo bids being 11.50%, the lowest for Reverse Repo bids also at 11.50%, successful Term Auction Deposits (TAD) attracting an interest rate of 14.00%, and borrowing from the Central Bank of Kenya's Overnight Window attracting an interest rate of 17.50%.

The Central Bank of Kenya has authorized ICAP Voice Brokers to operate in the Kenyan foreign exchange market, and commercial banks may now utilize their services. Further engagements with other potential service providers are ongoing, and the Central Bank will notify the market once they have been approved to operate. This update was communicated on May 28, 2015 by Gerald A. Nyaoma, Director of Financial Markets.

The Central Bank of Kenya (CBK) has issued Prudential Guideline on Foreign Exchange Exposure Limits, setting the limit at 10% of an institution's core capital. This guideline also highlights the need for intra-day foreign exchange risk exposures to be maintained within prudent limits set by a bank's board of directors in a written policy. The purpose of this circular is to reiterate compliance and clarify that intraday foreign exchange limits should not exceed 10% at any time during the day.

The Central Bank of Kenya's Prudential Guideline on Foreign Exchange Exposure Limits sets a 10% cap on overall foreign exchange exposure relative to an institution's core capital. This circular reiterates the need for institutions to comply with this guideline and clarifies that intraday foreign exchange limits should not surpass the 10% overall limit at any point during the day.

The Central Bank of Kenya (CBK) has revised the Kenya Banks' Reference Rate (KBRR) from 8.54% to 9.87%, effective from July 7th, 2015. All microfinance banks are now required to use this new KBRR as their base rate for pricing flexible-rate loans. The CBK will continue to collaborate with stakeholders in implementing the framework effectively and disseminating information about it to the public.

The Central Bank of Kenya (CBK) has revised the Kenya Banks' Reference Rate (KBRR) from 8.54% to 9.87%, effective July 7, 2015. All microfinance banks are required to price their flexible rate loans using KBRR as the base rate, with the interest rate charged to customers being KBRR plus an additional percentage. The CBK will work closely with banks and stakeholders to ensure smooth implementation and dissemination of information on the KBRR framework.

The Central Bank of Kenya (CBK) has revised the Kenya Banks' Reference Rate (KBRR) from 8.54 percent to 9.87 percent, effective July 7th. All microfinance banks in Kenya are required to use this rate as a base for their flexible-rate loans. This revision follows a decision by the Monetary Policy Committee to increase the Central Bank Rate (CBR) from 10.0% to 11.5%. Banks must disclose their additional risk premiums above KBRR to customers and report these to CBK. The CBK will continue working closely with banks and stakeholders to facilitate implementation of this framework and disseminate information on the same.

The Central Bank of Kenya (CBK) has revised the Kenya Banks' Reference Rate (KBRR) from 8.54% to 9.87%, effective July 7, 2015. All banks and mortgage finance companies are required to use the KBRR as the base rate for pricing their flexible-rate loans. The CBK will work closely with banks and stakeholders to ensure a smooth transition and to disseminate information about the KBRR framework to the public.

The document is a banking circular from the Central Bank of Kenya to commercial banks, mortgage finance companies, and microfinance banks, instructing them to implement UN Security Council resolutions imposing sanctions on Sudan due to the violence and human rights violations in Darfur. The circular provides background information on the relevant UN resolutions and directs institutions to access and comply with the requirements, specifically regarding the freezing of funds and financial assets owned or controlled by designated individuals or entities associated with them. Institutions are also instructed to provide feedback to the Central Bank by a specified deadline.

The Central Bank of Kenya has issued a circular regarding the implementation of United Nations Security Council Resolutions 1591 (2005) and 1672 (2006) on Sudan. These resolutions impose sanctions, specifically a freeze on funds, financial assets, and economic resources owned or controlled by certain designated individuals due to violence and human rights violations in Darfur. Banks, mortgage finance companies, and microfinance banks are directly affected by these resolutions and are required to: 1. Access and obtain the relevant UN Security Council Resolutions on Sudan from their website or other sources. 2. Internalize the requirements of these resolutions and report back to the Central Bank regarding any dealings with designated persons, measures taken to implement Clause 3(e) of UN Security Council Resolution 1591 (2005), and any Kenyan nationals who have availed funds or resources to these individuals. 3. Submit their feedback by 25th March 2015 so that the Central Bank can report to the Ministry of Foreign Affairs and International Trade accordingly.

The Central Bank of Kenya (CBK) has revised the Kenya Banks' Reference Rate (KBRR) from 9.13% to 8.54%, effective January 14, 2015, until its next review in July 2015. All microfinance banks are instructed to price their flexible rate loans using the KBRR as the base rate, with the expectation that their lending rates remain as close as possible to the KBRR. This measure aims to enhance transparency in credit pricing and improve the transmission of monetary policy signals into changes in banks' lending rates.

This banking circular, dated January 14th, 2015, operationalizes the Kenya Banks' Reference Rate (KBRR). It sets the revised KBRR at 8.54%, effective from the same date until July 2015 or earlier if market conditions change drastically. All commercial banks and mortgage finance companies are required to price their flexible rate loans using this as their base rate, with a deviation, K, that must be transparently disclosed to both borrowers and the Central Bank. The KBRR framework will apply to all new and existing flexible/variable credit facilities by June 30th, 2015. The Central Bank of Kenya will continue working closely with stakeholders for a smooth implementation and dissemination of this framework.

The Kenya Banks' Reference Rate (KBRR) was introduced in 2014 to enhance credit pricing transparency and improve the transmission of monetary policy signals into changes in banks' lending rates. After a January 2015 meeting, where the CBR remained at 8.50%, the CBK revised the KBRR from 9.13% to 8.54%. Starting from this date and until its next review, all microfinance banks will use the new KBRR rate as their base for pricing flexible-rate loans. The interest rates charged by individual banks should be as close as possible to this KBRR. Banks will disclose to borrowers and CBK any deviation from the KBRR. By 30 June 2015, existing flexible/variable credit facilities must transition to the new framework. The Central Bank of Kenya (CBK) will continue working with stakeholders towards a smooth implementation of the framework and its dissemination to the public.

The Central Bank of Kenya has revised the Kenya Banks' Reference Rate (KBRR) from 9.13% to 8.54% to enhance transparency in credit pricing and improve the transmission of monetary policy signals into changes in banks' lending rates. All banks and mortgage companies in Kenya must use the KBRR as the base rate for pricing flexible-rate loans, with the expectation that their lending rates remain as close as possible to the KBRR. These changes are effective from January 14, 2015, until the next review in July 2015, unless market conditions change drastically earlier.

The National Bank of Rwanda has been integrated into the East African Payment System (EAPS), enabling transactions between Rwanda, Kenya, Uganda, and Tanzania. EAPS, which went live in November 2013 and was officially launched in May 2014, is part of East Africa's efforts to modernize cross-border payments and facilitate trade in the region. The Central Bank of Kenya encourages commercial banks to promote the use of EAPS to enhance the safety and security of regional payment systems.

The Central Bank of Kenya issued a circular to financial institutions regarding the implementation of UN Security Council resolutions on the Central African Republic (CAR). The circular informs institutions of sanctions against individuals and entities involved in the CAR's insecurity situation and directs them to take appropriate measures and confirm any business relationships with the sanctioned individuals by September 15, 2014.

The Central Bank of Kenya has issued a circular to commercial banks, mortgage finance companies and microfinance banks regarding the implementation of United Nations Security Council Resolution 2127 (2013) concerning sanctions against individuals involved in the unstable situation in the Central African Republic. This resolution includes individuals such as former president Francois Yangouvonda Bozize, Levy Yakite and Nourredine Adam on a list of individuals subject to travel and financial sanctions. The circular requires these institutions to take appropriate measures according to Regulation 27(3) of the Proceeds of Crime and Anti-Money Laundering Regulations, 2013. They are also asked to confirm by September 15th if they have any business relationships with the sanctioned individuals. Any queries can be directed to The Director, Bank Supervision Department Central Bank of Kenya.

In 2014, the Central Bank of Kenya introduced the Kenya Banks' Reference Rate (KBRR) as a transparent credit pricing framework. This framework is extended to microfinance banks and set at 9.13% initially, effective from July 8th, 2014. The purpose of this circular is to operationalize the KBRR by having all microfinance banks price their flexible-rate loans using it as the base rate. Furthermore, individual banks will charge customers an interest rate equal to the KBRR plus 'K', with 'K' being any deviation from the reference rate. The Central Bank will work closely with stakeholders to facilitate a smooth and effective implementation of this new framework.

The Central Bank of Kenya has introduced a new transparent credit pricing framework, the Kenya Banks' Reference Rate (KBRR), which is also applicable to microfinance banks. The KBRR has been set at 9.13% effective July 8, 2014, and microfinance banks are expected to price their flexible rate loans using this base rate, with the final interest rate to customers being KBRR + a deviation factor. The new framework aims to increase transparency in credit and mortgage pricing and will be implemented gradually, with existing flexible credit facilities transitioning to the new framework by June 30, 2015.

In January 2014, a committee led by the Cabinet Secretary for National Treasury recommended introducing the Kenya Banks' Reference Rate (KBRR) to enhance private sector credit and mortgage finance supply in Kenya. Effective from July 8th, 2014, the KBRR was set at 9.13 percent. This circular operationalizes the new reference rate: banks and mortgage finance companies must base their flexible-rate loans on this rate as their foundation. Banks should vary their lending rates close to the KBRR. All new and existing flexible credit facilities will transition to the new framework by June 2015. The Central Bank of Kenya will collaborate with institutions, stakeholders, and the public for a smooth and efficient implementation.

The Central Bank of Kenya has set the Kenya Banks' Reference Rate (KBRR) at 9.13%, effective July 8, 2014, as a transparent credit pricing framework. All flexible rate loans will be priced using the KBRR as the base rate, with the final interest rate being KBRR + K. Existing flexible credit facilities will be transitioned to the new KBRR framework by June 30, 2015.

The Central Bank of Kenya (CBK) has automated the trading of Government Treasury bills using the SWIFT messaging system, aiming to increase trading volume and security. This process allows for the trading of Treasury bills with tenors of 91, 182, and 364 days, with same-day settlement. The procedures for investors to participate in this activity are outlined, including the use of unique deal reference numbers, specific SWIFT message types, and a validation process for messages.

To obtain a Credit Reference Bureau (CRB) license in Kenya, applicants must follow a comprehensive process involving multiple steps. After receiving approval from the Central Bank of Kenya (CBK) for their company name and incorporating as a limited liability company, applicants submit a detailed application package, including financial statements, security measures, and feasibility studies. Upon meeting the requirements, the CBK grants a letter of intent, allowing the applicant to set up premises and recruit staff. A security audit and inspection by the CBK precede the final licensing stage, where an annual license fee and statutory declaration are submitted.

The Microfinance Act, 2006 of Kenya outlines regulations for microfinance businesses, including licensing, governance, and supervision by the Central Bank. It defines key terms, sets capital requirements, and outlines prohibited activities. The Act also details the process for inspections, reporting, and penalties for non-compliance. Additionally, it establishes a Deposit Protection Fund to safeguard customer deposits in the event of institutional insolvency.

The Central Bank of Kenya has issued a circular to commercial banks, mortgage finance companies, and microfinance banks regarding the implementation of UN Security Council Resolutions on the Central African Republic (CAR). The situation in CAR has been characterized by a breakdown in law and order, leading to the imposition of sanctions against individuals and entities involved. Institutions are advised to access and understand the resolutions, monitor the proceedings and decisions of the UN Security Council Committee, and implement the specified measures once a list of designated individuals and entities is issued. The circular also highlights the relevance of the Proceeds of Crime and Anti-money Laundering Regulations, 2013, in prohibiting wire transfers to and from designated persons or entities.

To become a licensed Money Remittance Provider in Kenya, applicants must follow a rigorous process involving four stages: name approval, license application, letter of intent, and final license issuance. This includes submitting extensive documentation, meeting capital requirements, and undergoing due diligence checks by the Central Bank of Kenya. The process aims to ensure that applicants are fit and proper with robust systems and controls in place to protect customers and maintain financial stability.

To open a representative office in Kenya, foreign banking institutions must apply to the Central Bank of Kenya (CBK) and provide extensive documentation, including a formal letter of intent, certified translations, and detailed supporting information about the institution and its operations. If approved, the applicant must then obtain premises and recruit staff before inviting the CBK for a final inspection. The entire process is comprehensive and designed to ensure that only qualified and suitable foreign institutions are granted the authority to operate in Kenya.

To become a licensed forex bureau in Kenya, one must register with the Registrar of Companies and seek name approval from the Central Bank. An application must then be made to the Bank Supervision Department, with a non-refundable fee and various documents, including financial statements and feasibility studies. The Central Bank will process the application and may request additional information, ultimately deciding to approve or decline the license.

The process of obtaining a microfinance bank license involves four stages: name approval, license application, letter of intent, and license issuance. Requirements include submitting proposed names, a business concept, and evidence of capital; providing a comprehensive business plan and feasibility study; and fulfilling regulatory and operational prerequisites. The Central Bank assesses applications and issues a Letter of Intent, followed by a license if all conditions are met.

The Kenyan Central Bank has announced the implementation of a full file credit information sharing mechanism for institutions licensed under the Banking Act and the Microfinance Act. This will come into effect from February 28th, 2014. All Commercial Banks and Microfinance Banks shall be required to submit full file credit information to all licensed Credit Reference Bureaus (CRBs) not later than March 10th, 2014, with incremental data submitted on a monthly basis on or before the 10th day of each succeeding month. This mandatory requirement is based on recent amendments to the law and has been introduced to improve credit information sharing framework and enhance the robustness of the existing mechanism. Failure to comply will result in remedial action as specified under the Banking Act, Microfinance Act, and Credit Reference Bureau Regulations, 2013.

The Central Bank of Kenya has announced the rollout of a full-file credit information sharing mechanism for commercial and microfinance banks, effective February 28, 2014. All commercial and microfinance banks are required to submit full-file credit information to licensed credit reference bureaus by March 10, 2014, and incremental data on a monthly basis thereafter. Banks and microfinance institutions that fail to comply with the reporting requirements may face remedial action as specified by the relevant acts and regulations.

The document outlines the Credit Reference Bureau Regulations, 2013, which govern the establishment and operation of credit reference bureaus in Kenya. It covers licensing requirements, permitted activities, customer information sharing, and governance. The Central Bank of Kenya is responsible for regulating and supervising credit bureaus.

The table contains contact information for various banks in Kenya, including names, phone numbers, and email addresses.

The document is a list of SWIFT Bank Identifier Codes (BICs) for participants in the KEPSS system as of September 2013. There are a total of 46 banks listed, including major international banks such as Bank of Africa, Barclays Bank, and Standard Chartered Bank. The BICs are used for live transactions and testing/training purposes.

The Central Bank of Kenya has issued two new Prudential Guidelines: Incidental Business Activities (CBK/PG/23) and Non-Operating Holding Companies (CBK/PG/24). These guidelines enable licensed institutions to offer various financial services under one roof, while strengthening capital requirements and reducing complexity of structures. They will be effective from October 1st, 2013. Any institution breaching these guidelines may face remedial actions as per the Banking Act and its regulations.

The Central Bank of Kenya issues guidelines for banks to maintain a stable financial system. Banks can act as distribution channels for authorized financial services and products through partnerships with service providers. The Board of Directors of each bank is responsible for policies and procedures to ensure lawful incidental business activities, proper risk identification, and no compromise to the core business.

The Central Bank of Kenya has issued two new Prudential Guidelines: Incidental Business Activities and Non-Operating Holding Companies. These guidelines aim to enhance Kenyans' financial services access and strengthen capital requirements and risk management within financial groups. The guidelines will be effective from October 1, 2013, and are available on the Central Bank of Kenya's website.

The Central Bank of Kenya issues guidelines for non-operating holding companies to maintain a stable financial system. The guidelines cover approval, information gathering, shareholding changes, and control of these companies. Minimum liquid assets and capital requirements are also outlined, with non-compliance resulting in restricted or suspended activities. The Central Bank can obtain information about shareholders and investigate shareholding control. Investments and exposures are limited, and non-operating holding companies must disclose interests. Audits, inspections, and investigations are covered, with annual financial statements and external audits required. Prudential and reporting requirements are detailed, including capital adequacy, large exposures, and market risk exposures. The effective date of the guidelines is October 1, 2013.

To obtain a license for a commercial bank, mortgage finance company, or non-bank financial institution in Kenya, one must follow key steps, including preliminary meetings with the Central Bank of Kenya, seeking name approval, incorporation, and submitting extensive documentation. The process involves significant fees and requirements, such as providing evidence of capital sources and meeting minimum capital thresholds. Upon fulfilling these conditions, the Central Bank grants an approval in principle, allowing applicants to establish premises and recruit staff before final inspection and license issuance.

The Central Bank of Kenya (CBK) adopted the Risk-Based Supervisory (RBS) approach in 2004, recognizing the limitations of the traditional approach, which applied uniform supervision to all institutions regardless of their business activities and risk appetites. The RBS approach focuses on assessing the adequacy of an institution's risk management systems and encourages greater interaction between the institution and the CBK. The CBK's RBS methodology is dynamic and subject to enhancement in line with international best practices and developments in the local, regional, and international arenas. The RBS framework enables the CBK to deliver consistent and high-quality supervision as the financial sector evolves and as institutions' risk profiles change. It promotes competition and the safety and soundness of the financial sector, allowing for more efficient supervision by focusing regulatory efforts on high-risk areas. The CBK's RBS approach involves a continuous sequence of events, including preparing/updating the institutional profile, understanding the institution, risk assessment, and follow-up and monitoring. The CBK has been working on implementing consolidated supervision since 2006, which ensures that all risk exposures of a bank and its subsidiaries or related entities are considered. The CBK also established supervisory colleges in 2

The Central Bank of Kenya has informed commercial banks that the Monetary Policy Committee has lowered the Central Bank Rate by 100 basis points to 8.50%. This change is effective immediately and was communicated to all chief executives of commercial banks.

The document outlines the Money Remittance Regulations, 2013 for Kenya. It covers licensing requirements, ownership and management, operations, anti-money laundering measures, customer protection, inspection and audit, and miscellaneous provisions. The Central Bank of Kenya has the authority to regulate money remittance businesses, including licensing, capital requirements, and anti-money laundering compliance. Money remittance operators must adhere to strict rules regarding transactions, record-keeping, and customer disclosure. The Central Bank can impose penalties and revoke licenses for non-compliance.

The Kenya Deposit Insurance Act of 2012 establishes the Kenya Deposit Insurance Corporation, which insures customer deposits and liquidates and winds up member institutions. The Act outlines the Corporation's functions and powers, including the ability to levy contributions from member institutions and manage the Deposit Insurance Fund. It also details the Corporation's role as a receiver and liquidator of institutions, with powers to declare moratoriums, sell assets, and carry on the business of the institution. The Act further outlines offences and penalties, as well as miscellaneous provisions regarding cooperation with law enforcement and tax exemptions.

The Kenya Deposit Insurance Act of 2012 establishes the Kenya Deposit Insurance Corporation, which insures customer deposits and liquidates and winds up member institutions. The Act outlines the Corporation's functions and powers, including the ability to levy contributions from member institutions and manage the Deposit Insurance Fund. It also details the Corporation's role as a receiver and liquidator of institutions, with powers to declare moratoriums, sell assets, and carry on the business of the institution. The Act further outlines offences and penalties, as well as miscellaneous provisions regarding cooperation with law enforcement and tax exemptions.

The Central Bank of Kenya lowered the Central Bank Rate (CBR) by 150 basis points from 11.00% to 9.50% effective January 10, 2013. This decision was communicated to all Commercial Banks via a circular issued by the Banking Services, NPS & Risk Management Department. The CBR decrease is expected to influence lending rates and stimulate economic activity.

The Central Bank of Kenya has informed all commercial banks that the Monetary Policy Committee (MPC) decided to reduce the CBR from 11.00% to 9.50% at their meeting on January 10, 2013. This change will take effect immediately.

The Central Bank of Kenya has informed commercial banks of a downward revision of the Central Bank Rate (CBR) by 200 basis points, from 13% to 11%, with immediate effect. Consequently, the Discount Window Rate has been lowered from 19% to 17%. This decision was made by the Monetary Policy Committee at its meeting on November 7, 2012.

The Central Bank of Kenya has informed Commercial Banks that the Monetary Policy Committee (MPC) reviewed the CBR downwards by 200 basis points, decreasing it from 13.00% to 11.00%. Consequently, the Discount Window Rate was also lowered from 19.00% to 17.00%. These changes will take immediate effect.

The Central Bank of Kenya has issued revised Prudential Guidelines and Risk Management Guidelines for commercial banks, mortgage finance companies, and foreign institution representative offices in Kenya. These guidelines, effective from January 1, 2013, aim to strengthen the regulatory framework for financial institutions and are available on the Central Bank of Kenya's website. Institutions are reminded that non-compliance with these guidelines may result in remedial actions as per the Banking Act and its regulations.

The Central Bank of Kenya has issued these guidelines to outline minimum requirements for risk management systems and frameworks for financial institutions. The guidelines identify critical risk categories, including strategic, credit, liquidity, market, operational, and reputational risk. Institutions are expected to establish a Risk Management Function that supervises overall risk management and reports directly to the board or a committee of the board. The document outlines the responsibilities of the board and senior management in overseeing risk management processes and ensuring compliance with policies and procedures. It also provides guidance on measuring, monitoring, and controlling various types of risk, including credit, liquidity, market, and operational risk. Additionally, the guidelines address information and communication technology (ICT) risk, compliance risk, and country and transfer risk.

The Central Bank of Kenya has issued revised Prudential Guidelines and Risk Management Guidelines, effective from January 1st, 2013. These guidelines will replace the current ones implemented in 2005. All commercial banks, mortgage finance companies, non-bank financial institutions, and foreign institutions' representative offices in Kenya must adhere to these new guidelines. Failure to comply with any of these guidelines may result in remedial actions as specified under the Banking Act and its accompanying regulations. The guidelines are issued under section 33(4) of the Banking Act, and all institutions are advised to access them on the Central Bank of Kenya's website.

This circular is addressed to all Principal Officers of Forex Bureaus in Kenya and serves as a reminder regarding the submission of Suspicious Transaction Reports (STRs) as per Section 44(2) of the Proceeds of Crime and Anti-Money Laundering Act, 2009. The Financial Reporting Centre (FRC), established under this act, is now fully operational as of April 12th, 2012. From October 10th, 2012, Forex Bureaus are required to forward all STRs directly to the FRC at the specified address or using the provided FORM/CBK/FXD/5 form until further notice from the FRC regarding a new format. The FRC was established as an independent body to assist in the identification of crime proceeds and combating money laundering, with functions and powers encompassing receiving and analyzing reports of suspicious transactions submitted by Reporting Institutions like Forex Bureaus. Any queries or clarifications related to this circular should be directed to The Interim Director at the FRC's office, or the Director at the Central Bank of Kenya. This directive emphasizes the importance of proper communication and compliance with anti-money laundering regulations in order to maintain the integrity of financial transactions in Kenya.

This Banking Circular No. 7 of 2012, dated October 9th, 2012, is a formal notification from the Central Bank of Kenya to commercial banks, non-bank financial institutions, and mortgage finance companies concerning the submission of Suspicious Transaction Reports (STRs) under the Proceeds of Crime and Anti-Money Laundering Act. The Financial Reporting Centre (FRC), established in 2012, is now operational and requires all mentioned institutions to submit their STRs directly to it starting from October 10th, 2012. The Central Bank advises using the reporting format provided for Suspicious Transaction Reports in CBK/PG/08 until further notice regarding a new format by the FRC.

The Central Bank of Kenya is advising financial institutions to submit Suspicious Transaction Reports (STRs) to the newly established Financial Reporting Centre (FRC). The FRC, an independent body that assists in identifying proceeds of crime and combating money laundering, is now operational and has extensive functions and powers, including receiving and analyzing reports of unusual or suspicious transactions. All commercial banks, non-bank financial institutions, and mortgage finance companies are required to forward STRs to the FRC starting October 10, 2012, using the reporting format provided.

The Central Bank of Kenya issues a circular to all principal officers of forex bureaus, reminding them of their obligation to report suspicious transactions to the Financial Reporting Centre (FRC) under the Proceeds of Crime and Anti-Money Laundering Act, 2009 (POCAMLA). The FRC, established under POCAMLA, is now operational and has extensive functions and powers related to receiving and analyzing suspicious transaction reports. Forex bureaus are instructed to use the prescribed form for submitting suspicious transaction reports to the FRC starting October 10, 2012.

The Central Bank of Kenya has informed commercial banks that the Monetary Policy Committee has lowered the Central Bank Rate by 350 basis points from 16.50% to 13.00% effective immediately. This decision was communicated to all chief executives of commercial banks on September 6, 2012, in Banking Circular No. 6 of 2012.

The Central Bank of Kenya has announced a 350 basis point reduction in the Central Bank Rate (CBR) from 16.50% to 13.00%. This decision, made by the Monetary Policy Committee at their meeting on September 5th, 2012, will take immediate effect. The director of the Banking Services & Risk Management Department has communicated this update to all commercial bank chief executives.

The Central Bank of Kenya is adopting new banking software that will go live on April 2, 2012. A meeting was held with treasury managers and operations officers of commercial banks to discuss the implementation process, including the closure of the KEPSS system at 2.30 pm on March 30, 2012, to facilitate the migration to the new system. This circular informs commercial banks of the KEPSS Operating Schedule on March 30, 2012, with specific timings for sending and receiving payments, net settlement instructions, and final cut-off.

The Bank of Kenya announces the introduction of multiple tenures for Term Auction Deposit (TAD) Facility, effective June 6th, 2012. These include 14, 21, and 28-day options, allowing commercial banks flexibility in their investment choices while maintaining a price ceiling of 18% Current and previous TAD terms will remain unchanged. This adjustment reflects the changing liquidity environment in the market. The announcement is made by Gerald A. Nyaoma, Director of Financial Markets Department on May 6th, 2012.

The Central Bank of Kenya is adopting new banking software effective from April 2nd, 2012. As part of the go-live preparations, the KEPSS system will close at 2:30 pm on March 30th, 2012, with the final cut-off being at this time. Banks are to ensure their operations align with these changes. The Central Bank has advised commercial banks of this operating schedule for March 30th, 2012.

The Central Bank of Kenya is introducing multiple tenures of 14, 21, and 28 days for the Term Auction Deposit (TAD) Facility, effective June 6, 2012. The price ceiling for the instrument will be the CBR, currently at 18%. This change aims to provide flexibility to commercial banks in their choice of tenure and offer an alternative investment instrument.

Date: July 26, 2012 Subject: KEPSS (RTGS) Backup Test on July 27th, 2012 Dear Commercial Bank Treasury Managers, We will be operating from the KEPSS backup facilities on Friday, July 27th, as part of our regular testing procedures. You are not required to make any changes to your systems in order to access KEPSS. If you encounter any issues with RTGS, please contact our KEPSS Help Desk at (2861130/53) or (2861589). Your cooperation is highly appreciated. Sincerely, Esietit Tito Director, Banking Services & Risk Management Department

The Bank of Kenya has informed commercial bank treasury managers that it will be working from the KEPSS backup facilities on July 27th, 2012, to test their procedures and equipment. This is in accordance with the KEPSS Rules and Procedures, Rule 14:11. The bank emphasizes that there is no need for any changes in their systems for this exercise, but should any RTGS-related issues arise, they should promptly contact the KEPSS Help Desk on telephone numbers 2861130/53 or 2861589. The bank's cooperation is sought for the success of this test.

The Bank of Kenya informs commercial bank treasury managers that they will be working from the KEPSS backup facilities on July 27, 2012, to ensure proper functioning of procedures and equipment. Banks are assured that no system changes are required on their end, and they are provided with contact information for the KEPSS Help Desk in case of any RTGS-related issues. The Bank of Kenya seeks cooperation from all parties for the exercise's success.

This form is for evaluating the security of the KEPSS Interface System used by a bank. It asks for information about the system, including the vendor, release date, and version, as well as contact information for the bank's representative. The form also asks about any recent audits, connected systems, and the criticality and sensitivity of the system.

The Central Bank of Kenya lowered the Central Bank Rate (CBR) by 150 basis points from 18.00% to 16.50% effective immediately as of July 6th, 2012. This decision was made by the Monetary Policy Committee (MPC) during their meeting on July 5th, 2012. The letter communicating this decision was sent to all chief executives of commercial banks in Kenya.

The Central Bank of Kenya issues guidelines for deposit-taking microfinance institutions (DTMs) to open, relocate, or close marketing offices and agencies. DTMs must apply for approval from the Central Bank, providing lease agreements, business cases, and security provisions. Annual renewal fees are required, and institutions must ensure proper physical infrastructure, human resources, and security measures. Institutions must also establish consumer protection measures, including mechanisms for customer identification, transaction receipts, and complaint redress. The Central Bank may impose monetary penalties and administrative sanctions for non-compliance. The guideline covers risk management, data and network security, and consumer protection.

Dear [Recipient's Name], Subject: Proposed Changes to Your Loan Agreement I hope this email finds you well. I am writing on behalf of our finance department to inform you about a few proposed changes to your loan agreement. As you may be aware, we periodically review and update our terms in order to ensure that they remain relevant and effective. These updates are intended to benefit both ourselves and our clients alike. Below, I have outlined the key points of these proposed changes for your reference: 1. Interest Rate: The interest rate on your loan will be increased from [previous interest rate]% per annum to [new interest rate]% per annum. This change is expected to take effect from [effective date]. 2. Loan Term: Your loan term has been extended by an additional year, bringing the total length of your loan to [new loan term] years. This will provide you with more time to repay the loan and may reduce your monthly payments. 3. Early Repayment Penalty: We have introduced a new early repayment penalty for loans that are paid off before their scheduled maturity date. A fee equal to 5% of the outstanding principal amount will be charged if you choose to repay the loan early. This change is designed to help us recover the costs associated with managing and administering your loan. 4. Collateral Requirements: You may now be required to provide additional collateral as security for your loan. If this affects you, a member of our finance team will be in touch with further details. This change is being implemented to mitigate the risk associated with lending and ensure that we can continue to offer competitive rates and terms to our clients. 5. Loan Repayment Schedule: We have updated the loan repayment schedule for your account. Your new repayment dates, which take effect from [effective date], are detailed in the attached document. Please review these carefully and let us know if you have any questions or concerns. 6. Loan Cancellation: You now have the option to cancel your loan at any time by providing 30 days' written notice. Upon cancellation, you will be responsible for paying any outstanding principal and interest, as well as any early repayment penalties that may apply. This change is designed to give you more flexibility and control over your finances. Please note that these proposed changes will only take effect once they have been accepted by both parties and signed off on the relevant documentation. We encourage you to review the updated terms carefully and let us know if you have any questions or concerns. If you are happy with the changes, simply sign and return the enclosed amendment form within [deadline] days of receipt. We appreciate your understanding and cooperation in this matter, and we look forward to continuing to support you as a valued client. If you would like further clarification on any of these proposed changes, please do not hesitate to contact us directly at [contact number]. Sincerely, [Your Name] [Your Position/Title] [Company Name] Enclosures: Amendment Form, Updated Loan Agreement Terms and Conditions.

The Central Bank of Kenya is implementing a new IT banking system, which will go live on April 2, 2012. Banks are required to adopt a new format for SWIFT messages for deposits, withdrawals, cancellations, and amendments, with an effective date of March 23, 2012. Additionally, cash deposits and withdrawals will not be processed on March 30, 2012, and normal services will resume on April 2, 2012.

The National Payment System Act, 2011, regulates and supervises payment systems and payment service providers in Kenya. It empowers the Central Bank of Kenya to designate payment systems and instruments, oversee their operations, and enforce rules to protect the public interest and maintain system integrity. The Act also establishes a recognition process for payment system management bodies and outlines their roles and responsibilities. It further authorizes the Central Bank to issue directives, conduct audits and inspections, and resolve disputes related to payment systems and instruments. The Act includes provisions for confidentiality, record retention, and penalties for non-compliance.

The Central Bank of Kenya issues guidelines for deposit-taking microfinance institutions (DTMs) to follow when appointing third-party agents. The guidelines cover the application and approval process, agent operations, and permissible activities. DTMs are responsible for ensuring proper controls, security policies, and risk management. Agents must meet eligibility criteria and are subject to due diligence checks. The contract between DTMs and agents should include specific provisions, and DTMs are responsible for agent training and oversight. Reporting requirements and consumer protection measures are also outlined.

The Central Bank of Kenya has issued an update to its foreign exchange exposure guidelines for commercial banks, non-bank financial institutions, and mortgage finance companies. The amendments include reducing the overall foreign exchange risk exposure limit from 20% to 10%, as well as lowering the limit on single currency exposure from 20% to 10%. Institutions must comply with these new requirements according to F.P. K. Pere, Director of Bank Supervision at the Central Bank of Kenya.

The Central Bank of Kenya has issued a circular to commercial banks, non-bank financial institutions, and mortgage finance companies, advising them of amendments to Prudential Guideline CBK/PG/06 on Foreign Exchange Exposure Limits. The amendments include reducing the limit on overall and single currency foreign exchange risk exposure from 20% to 10% of an institution's core capital. The Central Bank directs all institutions to comply with the new requirements.

The Monetary Policy Committee adjusted the Central Bank rate from 6.25% to 7.00%, following a Special Meeting held on September 14th, 2011. This change took immediate effect and was announced by Jackson M. Kitili, Director of Banking Services, National Payments System, and Risk Management Department at the time.

The Monetary Policy Committee adjusted the Central Bank rate from 6.25% to 7.00% on September 14, 2011, with immediate effect. This decision was communicated to all chief executives of commercial banks by the Bank of Kenya in a banking circular. The circular was issued by the Director of Banking Services, National Payments System, and Risk Management Department.

Banking Circular No. 9 of 2011 addresses the management of liquidity through CBK's discount window and cash reserve ratio (CRR) in commercial banks, following the previous circular No. 8 of 2011. The key changes include varying the weight given to the differential between the interbank rate and the Central Bank Rate (CBR), which will now vary from zero to one depending on specific liquidity conditions in the interbank market. Additionally, commercial banks are now required to maintain their CRR based on a monthly average basis, allowing them to deviate daily as long as the overall average for the month remains above 4.75%. Banks failing to observe this requirement will face penalties by the Central Bank at the current penalty rate. These changes take effect from Monday, August 29th, 2011.

The Central Bank of Kenya (CBK) has issued Banking Circular No. 9 of 2011, revising previous guidelines on liquidity management through the CBK discount window and cash reserve ratio. Firstly, the weight given to the differential between the interbank rate and CBR will now vary between zero and one depending on market conditions. Secondly, the interbank rate used in computations is now a moving average over a longer period. Finally, commercial banks are now required to maintain their cash reserves based on a monthly average basis, with an overall average of at least 4.75% for the month, or face penalization by CBK at the current penalty rate. These changes take effect from Monday, 29th August 2011.

The Central Bank of Kenya is issuing revised guidelines to commercial banks on managing liquidity through the CBK Discount Window and Cash Reserve Ratio. The changes include a variable weight for the interbank-CBR differential and a longer computation period for the interbank rate, as well as a monthly average basis for maintaining the CRR with a penalty for non-compliance. These revisions take effect on August 29, 2011.

The circular outlines guidelines for commercial banks regarding the Central Bank of Kenya Discount (Overnight) Window, including restrictions on interbank lending and borrowing, interest rates, and eligibility. It supersedes previous circulars and takes effect on August 15, 2011, with the aim to address issues in the foreign exchange market and the link between interest rates and exchange rates.

The Monetary Policy Committee decided to maintain the CBR at 6.25% and change the Cash Reserve Ratio requirement for commercial banks. Banks will now be required to maintain a weekly average of 4.75% instead of daily position, allowing them to deviate from the 4.75% on any given day as long as the overall five-day average remains at 4.75%. This change will take effect immediately.

The Monetary Policy Committee decided to maintain the Central Bank Rate at 6.25% and adjust the Cash Reserve Ratio requirement to a weekly average of 4.75%, effective immediately. Commercial banks can deviate from the 4.75% ratio on a given day as long as the overall average for the week remains at that level; failure to maintain the average will result in penalties.

The Central Bank of Kenya has issued a guidance note to commercial banks and financial institutions on holding board meetings through video conferencing. The note sets out minimum requirements, including formulating documented policies and procedures, ensuring physical and video conferencing meetings are balanced, and obtaining shareholder approval. The role of the board secretary in organizing and minuting meetings is emphasized, with detailed guidelines provided for meeting procedures and quorum requirements. Institutions are responsible for formulating effective meeting policies, and this note provides supplemental guidance to the Companies Act.

The document is a guidance note issued by the Central Bank of Kenya to financial institutions, outlining their obligations regarding the reporting of suspicious transactions. It defines a suspicious transaction, explains when and how to file a report, and emphasizes the importance of "know your customer" measures. Institutions are also advised on internal reporting procedures and staff training, with immunity provided for good faith reporting.

The Central Bank of Kenya is concerned that commercial banks are relying too heavily on the CBK Discount Window for liquidity, rather than using it as a last resort. To address this, the CBK has imposed conditions on the use of the Discount Window, including restrictions on borrowing amounts and eligibility based on interbank lending activities. These changes are intended to encourage banks to explore other avenues to meet their liquidity needs before turning to the Discount Window.

On 29th June 2011, the Central Bank of Kenya (CBK) announced further tightening of monetary policy stance due to rising inflationary expectations. The primary focus is to maintain price stability and control inflation. The CBK Discount Window's operating rate will now be reviewed regularly and posted daily on their website at 9 am, starting with an initial accommodation of 8%. Additionally, the use of funds from the Overnight Window for interbank market trading or foreign exchange is prohibited, accompanied by severe penalties for non-compliance. These measures aim to curb fuel and maize prices as well as currency fluctuations that contribute to inflationary expectations.

The Central Bank of Kenya (CBK) is taking active measures to curb inflation and stabilize the exchange rate by tightening its monetary policy and enhancing liquidity management. The CBK has revised the rules for its Discount Window operations, including changing the operative rate and imposing penalties on banks that use funds for interbank or foreign exchange trading. These actions aim to address persistent inflationary expectations and minimize arbitrage activities in the interbank market.

The Central Bank of Kenya has informed commercial banks that the Monetary Policy Committee has increased the Central Bank Rate by 25 basis points to 6.00%. This change is effective immediately and was communicated to all chief executives of commercial banks.

The Central Bank of Kenya has increased the Central Bank Rate (CBR) from 5.75% to 6.00% following a review by the Monetary Policy Committee on March 22, 2011. This change is effective immediately. Jackson M. Kit, Director of Banking Services, National Payment Systems, and Risk Management, oversees this decision.

The Central Bank of Kenya's Forex Bureau Guidelines outline regulations for foreign exchange bureaus in Kenya, including licensing, operations, inspections, and penalties for non-compliance. Bureaus must adhere to strict rules regarding transactions, record-keeping, and anti-money laundering measures. The guidelines also detail application and renewal processes, fees, and requirements for shareholders and directors.

The Central Bank of Kuwait, alongside the Ministry of Commerce and Industry, establishes comprehensive regulations governing Islamic banks' purchase of their own shares. Banks must secure prior Central Bank approval to acquire up to 10% of their equity using only available reserves rather than capital, while freezing an equivalent amount to cover potential risks. The framework mandates strict accounting treatments, including specific balance sheet disclosures, the suspension of cash dividends on treasury shares, and detailed quarterly and annual reporting to ensure transparent financial management.

The Central Bank of Kuwait mandates that all Islamic banks establish a board-approved financial investment policy governing their securities portfolios. The regulations impose strict maximum limits, capping the total portfolio at 50 percent of comprehensive capital and restricting single-issuer exposures to 10 percent, while requiring investments in high-quality, diversified instruments. Banks must implement robust internal delegation systems, adhere to standardized accounting classifications, and submit quarterly portfolio data and performance reports to ensure ongoing regulatory compliance.

The Central Bank of Kuwait mandates comprehensive rules and maximum limits for the direct and financial investments of Islamic banks, requiring board-approved policies that balance profitability with developmental roles. The regulations cap total direct investments at 100 percent of comprehensive capital, impose specific limits on real estate and commercial assets, and require independent risk management units alongside periodic executive reporting. Additionally, the Central Bank establishes clear exemption guidelines based on regulatory compliance, CAMEL assessments, and strategic justification to permit banks to exceed prescribed limits when necessary.

A bank is requesting the Central Bank of Kenya to transfer funds to another bank, providing a list of transactions for processing through the KEPSS system. The request is made in accordance with regulations, and the bank confirms authorization from the Central Bank. The letter includes details of the transaction, such as the amount and bank to be credited, and is signed by authorized signatories.

The document outlines a contingency event record for a participant, with fields for date, time, nature, action taken, and time of rectification. This report is to be submitted monthly to the KEPSS Support team and signed by authorized signatories, including name, designation, and signature.

The Central Bank of Kenya Act outlines regulations for handling currency, including the use of cash defacement devices to stain and render stolen cash worthless. The Act details the application process for using and licensing these devices, as well as the terms and conditions for their use. It also specifies penalties for non-compliance and procedures for exchanging defaced notes.

The Central Bank of Kenya has issued a guidance note to commercial banks and financial institutions on their obligations regarding anti-money laundering measures. The note emphasizes the importance of reporting suspicious transactions and checking the UN 1267 List regularly. It also advises caution when dealing with high-risk jurisdictions and individuals/entities contributing to the conflict in Somalia. Institutions are encouraged to enhance customer due diligence for high-risk customers and ensure regular staff training on money laundering prevention.

The Central Bank of Kenya has implemented the Banking (Credit Reference Bureau) Regulations, 2008, which established licensed credit reference bureaus (CRBs). These CRBs collect, collate, and share credit information with financial institutions. This credit information sharing mechanism aims to reduce risk premiums for borrowers, decrease search costs, encourage financial development in line with Vision 2030, and make more credit accessible to Kenyans. Starting July 12th, 2010, all licensed institutions were required to submit credit information on non-performing loans and other exchanged data monthly by the 10th day of each month. Failure to comply with these reporting requirements or provisions in the CRB Regulations could result in remedial action as specified under the Banking Act and the Banking (Credit Reference Bureau) Regulations, 2008.

The Central Bank of Kenya announces the rollout of credit information sharing under the Banking Act, with the aim of promoting access to affordable credit for Kenyans by reducing information asymmetry between borrowers and banks. The credit information sharing mechanism will be operational from July 31st, 2010, and institutions are required to submit credit information to licensed Credit Reference Bureaus (CRBs). Non-compliance with reporting requirements will attract remedial action as per the Banking Act and CRB Regulations.

The Central Bank of Kenya issues a guideline on agent banking to commercial banks, mortgage finance companies, and non-bank financial institutions, effective May 1, 2010. The guideline, formulated under the Banking Act, aims to ensure that outsourcing banking services to third parties does not compromise the supervision, safety, and soundness of the banking sector. This move is part of Kenya's Vision 2030 to develop an inclusive and efficient financial sector to support the country's economic development.

The Kenyan government, through the Central Bank (CBK), has issued a guideline on agent banking to enhance financial penetration in line with Vision 2030. This guideline was introduced as a result of the amendment to the Banking Act in 2009 allowing banks to contract third parties to provide certain banking services in underserved areas. The purpose is to increase accessibility and inclusion of the Kenyan population in the financial sector while ensuring stability, efficiency, and safety within the banking industry. This guideline will be effective from May 1st, 2010, and failure to adhere to it may result in remedial measures as specified under the Banking Act and Regulations thereunder.

The Central Bank of Kuwait issues binding instructions that standardize how local banks extend consumer and installment loans by defining maximum lending limits, repayment periods, and interest rate ceilings. Financial institutions must verify loan purposes, validate borrowers' repayment sources via official salary certificates, restrict new lending to customers with pending legal actions, and cap total monthly installments at 40 percent of net income. The framework further mandates monthly regulatory reporting, restricts upfront interest deductions, and enforces compliance through mandatory external audits and centralized data management.

The Central Bank of Kuwait requires listed banks and investment companies to submit quarterly and annual financial statements to the regulator at least one week before their submission to relevant stock exchanges. For Islamic banks, these quarterly reports must exclude profit distributions from net profits to accurately reflect retained earnings. Institutions must also provide advance notification upon board approval of any external stock market listing and ensure timely regulatory review to meet exchange disclosure deadlines.

The Central Bank of Kuwait mandates that all Islamic banks submit annual budgets and future business plans alongside their year-end closing financial data. These submissions must detail balance sheet developments, income and expenditure movements, capital adequacy ratios, and variance explanations against previous projections. A 2006 amendment shifted the reporting deadline from late October to year-end, ensuring that budget assumptions align with the most recent actual financial performance.

The Central Bank of Kuwait issued regulatory instructions permitting Islamic and local banks to conduct foreign exchange transactions in Kuwaiti Dinars against foreign currencies on a two-day value basis. These directives establish trading limits, mandate daily reporting of foreign currency surpluses or deficits, and cancel restrictive 1990s controls to allow activities like swaps, forwards, options, and interest rate futures. Banks must operate within approved risk management frameworks, submit board-authorized policies to the regulator for review, and maintain compliance with designated foreign currency trading thresholds.

The Central Bank of Kuwait issues binding instructions to all Islamic banks, requiring them to prepare closing financial data in compliance with International Accounting Standards. These regulations mandate a standardized disclosure framework for transactions involving board members and executive management, specifically detailing liabilities, deposits, finance facilities, and existing collaterals. Banks must formally report these related-party balances to the shareholders’ General Assembly through their annual closing accounts, ensuring transparent and consistent financial reporting effective from January 1991.

The Central Bank of Kuwait issued regulatory instructions mandating that banks and exchange companies accept and trade GCC currency notes (Omani Riyal, UAE Dirham, Qatari Riyal, and Bahraini Dinar) against the Kuwaiti Dinar. Banks must adhere to daily announced buying and selling rates, ensuring public transactions occur within a maximum 0.5 percent margin while treating the announced buying rate as the minimum and selling rate as the maximum for public dealings. The Central Bank further commits to purchasing any un-sold currency balances held by banks at the announced buying rate plus a 0.25 percent margin, with these directives taking immediate effect upon notification.

The Central Bank of Kuwait issued comprehensive instructions governing credit cards issued by Islamic and local banks, establishing strict limits on borrowing amounts, repayment periods, and debt-to-income ratios. The regulations mandate a maximum credit limit of ten times the customer’s monthly salary (capped at KD 10,000), a non-renewable one-year repayment window, and a total installment cap of 50 percent of net income. Additionally, the directives require banks to implement EMV smart card technology by late 2007, secure guardian guarantees for minors under twenty-one, and enforce automatic limit declines and card suspensions for delinquent accounts.

The Central Bank of Kuwait mandates all local banks to progressively increase their national employee ratio to a minimum of 50% through a structured six-period timeline culminating on March 15, 2007. Banks must submit quarterly reports detailing the number and job levels of Kuwaiti and non-Kuwaiti staff, including outsourced personnel but excluding office boys, drivers, and messengers. Strict adherence to this schedule is enforced, with the regulator reserving the right to impose penalties for significant unexcused deviations across any reporting period.

Issued by the Central Bank of Kuwait, these circulars require Islamic and local banks to amortize goodwill from controlled shareholdings through annual operating results, with potential extensions up to twenty years. Circular No. 2/BS/175/2005 aligns these practices with International Financial Reporting Standards by mandating regular valuations, external auditor certifications, and detailed financial statement disclosures. These updated accounting procedures govern all goodwill arising from share acquisitions for control purposes and took effect on January 1, 2005.

Issued by the Central Bank Governor on November 10, 2003, these instructions require banks to base finance extension decisions on independent credit studies rather than treating post-dated cheques as guarantee or credit instruments. Banks must cease granting finance against customer-issued post-dated cheques, whether utilized as collateral or documentary evidence, and execute contracts according to sound banking practices. When additional debt documentation is necessary, institutions may employ pronotes while legally preserving customer rights derived from primary finance agreements.

The Central Bank of Kuwait requires all Islamic banks to notify the authority in advance before communicating with foreign regulatory or banking authorities for approvals. This mandate covers planned activities such as acquiring shares, establishing subsidiaries, amending capital, opening branches, and initiating new operations, as well as transactions conducted in breach of local hosting laws. The requirement ensures compliance with Basle Committee supervision standards and prevents adverse impacts from uncoordinated international regulatory consultations.

The Central Bank issued circulars to all Islamic Banks requiring prompt notification of fund embezzlements, including accused employee names and judicial resolutions. The regulator also mandates comprehensive security protocols to mitigate armed robbery risks, specifically requiring CCTV installation, direct telephone links to the Ministry of Interior, and specialized guard services. Banks must implement these measures alongside staff training and alarm systems to ensure continuous monitoring of premises, ATMs, and personnel against theft and forceful entry.

The Central Bank of Kuwait established executive procedures and a tiered reinstatement mechanism to permit single natural or legal persons to hold more than 5% of a local bank's capital. The framework requires quarterly shareholder data submissions, defines indirect ownership through common directorship and interrelated interests, and suspends voting rights for excess equity until prior regulatory approval is granted. Shareholders must dispose of ownership excesses within one to two years depending on the acquisition type, while the new three-segment system allows automatic reinstatement of previous ownership levels based on defined capital drop thresholds.

The document outlines Schedule E of the KEPSS Rules and Regulations, detailing various fees, charges, and penalties associated with the system. The annual maintenance fee is listed, along with transaction fees for different mechanisms and windows, charges for manual input and rejected transactions, and penalties for conversion of intra-day collateralized loans into overnight loans. Settlement charges and penalties are also mentioned, with the note that these will be debited from the participant's settlement account daily.

The document outlines a self-assessment return for organizations participating in KEPSS (presumably a financial system or network), which covers areas such as fraud, contingency planning, and system downtime. Organizations are required to disclose any KEPSS-related fraud and its impact, as well as their contingency plans and backup measures for maintaining operations. The self-assessment also evaluates system downtime and resilience, including the capacity and reliability of KEPSS-related systems to handle payment traffic securely and efficiently.

The document is an application form for participation in the Kenya Electronic Payment and Settlement System (KEPSS). It includes a cover letter and a table with specific requirements that the applicant bank must meet, such as providing physical address details, committing to exchange SWIFT authentication keys, and agreeing to the terms and conditions of the KEPSS rules and regulations. The authorized signatories of the bank certify the accuracy of the information provided and agree to abide by the terms and conditions of the KEPSS system.

The Central Bank of Kuwait issued these instructions to establish mandatory guideline criteria for approving the appointment of external auditors by Islamic banks. The regulations require nominated firms to demonstrate international affiliation, banking audit experience, qualified personnel, and adequate training, while mandating advance Central Bank approval before the general assembly finalizes appointments. Furthermore, the guidelines enforce auditor independence by prohibiting the evaluation of internal control systems and restricting conflicting technical or accounting advisory services to economically interrelated entities.

The Central Bank of Kuwait issued revised instructions transferring the supervision of local securities portfolios managed by banks and investment companies to the Kuwait Stock Exchange, while retaining direct oversight of foreign securities. The regulations mandate strict segregation of customer funds, independent accounting records, professional management teams, and standardized agreements that prohibit using portfolios as collateral or for third-party financing without prior consent. Effective November 9, 2005, these directives require all managing parties to align existing portfolio arrangements with the new compliance standards and reporting obligations.

The Central Bank of Kuwait directs all Islamic banks to establish and report maximum finance concentration limits for facilities extended to local and foreign financial institutions. Banks must submit detailed quarterly statements using the prescribed forms, tracking actual concentrations against these limits for both domestic and international counterparties. This reporting requirement ensures prudent risk management while maintaining the exemption of qualifying bank financing obligations from standard single-customer liability caps.

This circular highlights the importance of accurately disclosing all deposit products to the Deposit Protection Fund Board (DPFB) for adequate protection and cover under the Banking Act. Starting from January 1, 2010, commercial banks, non-bank financial institutions, mortgage finance companies, and deposit-taking microfinance institutions must include various types of deposits such as foreign currency deposits and transaction accounts in their monthly returns to DPFB for insurance premium assessment. However, inter-bank placements will not be included in the return when determining protected deposits cover.

The letter is addressed to financial institutions in Kenya, informing them of the need to disclose all deposit products to the Deposit Protection Fund Board (DPFB) for adequate protection and insurance cover. Member institutions must correctly restate their deposits and list any deposit-like products, such as foreign currency deposits and transaction accounts, for insurance premium assessment. Inter-bank placements are excluded from insured deposits and will not be considered in determining protected deposit cover.

The Central Bank of Kenya has informed commercial banks of a downward review of the Central Bank Rate (CBR) by 75 basis points, from 7.75% to 7.00%, effective immediately. This decision was made by the Monetary Policy Committee on November 24, 2009, and communicated to all chief executives of commercial banks. The letter, sent via postal mail and telex, highlights the importance of monetary policy and its impact on the banking sector.

The Central Bank of Kenya has announced a reduction in the Central Bank Rate (CBR) by 75 basis points from 7.75% to 7.00%, following a review by the Monetary Policy Committee on November 24, 2009. This change is immediate and has been communicated to all commercial banks.

The Central Bank of Kuwait issued Law Decree No. 2 of 2009 to enhance state financial stability by guaranteeing deficits in local banks' credit facilities and investment portfolios as of December 31, 2008. The decree mandates banks to calculate provision deficits, maintain unified monitoring systems, and secure state guarantees that reduce annually by at least eight percent over a fifteen-year period. Banks must also pursue capital increases through convertible bonds or preferred shares while allocating up to KD 4 billion in new financing to designated productive private sectors.

The Central Bank of Kuwait implements the revised Basel II capital adequacy framework for all licensed conventional and foreign bank branches, mandating standardized risk measurement for credit, market, and operational exposures. The updated regulations lower capital requirements by assigning a 75% risk weight to retail and SME loans, while maintaining the existing 12% minimum capital ratio. Banks must submit quarterly capital adequacy reports, conduct semi-annual stress testing, and enhance internal capital assessment processes alongside comprehensive public disclosures.

The Central Bank of Kenya (CBK) reintroduced the Horizontal Master Repurchase Agreement (Horizontal Repo) program in 2009, which it had previously rolled down in 2008. The purpose of this facility was to enhance market liquidity and promote financial system development by allowing banks to exchange securities on a real-time basis through Delivery versus Payment (DvP). Banks were urged to promptly implement all operational procedures and guidelines related to the program as its timely implementation would support CBK's effectiveness in conducting monetary policy.

The Central Bank of Kenya introduced the Interbank Master Repurchase Agreement program to enhance the capital and money markets and improve the intermediation process. The program offers real-time Delivery versus Payment transactions to help banks manage their liquidity and support the Central Bank's monetary policy. Banks are requested to implement the operational procedures and guidelines for the program to enhance market liquidity and promote the development of the financial system.

The Central Bank Rate (CBR) in Kenya was adjusted from 8.50% to 8.25% on March 20, 2009, by the Monetary Policy Committee, signaling a relaxation of Monetary Policy to encourage economic activity. This change took immediate effect and was communicated to all commercial bank executives.

The Monetary Policy Committee held a meeting on March 20, 2009, where they decided to adjust the Central Bank Rate (CBR) from 8.50 percent to 8.25 percent. This move aims to ease monetary policy and support economic activity, with the change effective immediately. J.A. Nyaoma, Director of Banking Services Department, notified all Chief Executives of Commercial Banks about this decision in Circular No. 2 of 2009.

The Central Bank of Kenya has issued a banking circular to confirm secondary trading transactions of government securities by commercial banks, bank nominees, clients, and custodial CDS accounts. All parties are now required to submit SWIFT message type MT599 (FreeFormatMessage) after completing the physical forms for these transactions. This update aims to increase efficiency and safety in these processes while working towards full automation of government securities transactions. Any queries or clarifications should be directed to the Director, Monetary Operations and Debt Management Department.

The Central Bank of Kenya is notifying all commercial banks that confirmations of secondary trading transactions for government securities must be submitted via SWIFT message type MT599. This new procedure aims to enhance efficiency and safety in these transactions and is part of the bank's efforts to fully automate all aspects of transactions in government securities. For queries, banks are directed to contact the Director of Monetary Operations and Debt Management Department.

The Central Bank of Kenya has decided to lower the minimum investment threshold for Treasury Bills in the primary market from Kshs 1,000,000 to Kshs 100,000, starting in January 2009. This change aims to provide small investors with better access to Treasury Bills and promote wider participation in the market. Commercial banks and non-bank financial institutions are requested to prepare for this change and inform their investors.

In response to limited access for small investors in Kenya's Treasury Bills market, the Central Bank of Kenya has decided to reduce the investment threshold from Kshs 1 million to Kshs 100,000, beginning January 2009. The minimum investment amount for Treasury Bonds will remain at Kshs 50,000. Commercial banks and non-bank financial institutions are requested to prepare for this development and inform their investors accordingly. Any enquiries or clarifications should be directed to the Director of Monetary Operations and Debt Management Department.

The Central Bank of Kuwait issued Instructions No. 2/IBS/149/2003 to establish a comprehensive liquidity framework for Islamic banks based on the Maturity Ladder Approach. The regulations mandate that institutions categorize assets and liabilities into defined time bands, maintain maximum cumulative mismatch limits ranging from 10 to 40 percent, and develop board-approved internal policies to manage cash flows and contingency risks. Furthermore, banks are required to measure liquidity daily, submit standardized reporting forms weekly and monthly, and provide quarterly externally audited statements to ensure continuous compliance and financial stability.

The Central Bank of Kuwait mandates all registered Islamic banks to establish and maintain a comprehensive, Sharia-compliant finance policy that standardizes investment formulas, contract specifications, and risk management practices. The instructions require written board-approved policies detailing credit applications, collateral diversification, portfolio-to-deposits ratio limits (increased to 85%), and strict monitoring of customer compliance and interrelated party exposures. Additionally, banks must secure prior regulatory approval for new financing formulas and submit monthly data on share trading facilities to the Kuwait Stock Exchange, ensuring capped exposure and accurate sector classification.

The Central Bank of Kenya is introducing a new Master Repurchase Agreement (MRA) for commercial banks to govern repurchase transactions between banks ("Horizontal Repo"). The MRA is based on the Global Master Repurchase Agreement (GMRA) model but has been customized to suit the domestic market situation and existing infrastructure. The purpose of this banking circular is to forward the relevant documents to commercial banks and advise them of the new Horizontal Repo transaction platform, which will be introduced on September 12, 2008.

▅a; The Central Bank of Kenya (CBK) is introducing an additional Master Repurchase Agreement (MRA) for commercial banks to govern repurchases between banks ("Horizontal" Repo). This aims at strengthening inter-bank liquidity management and implementing the "Vertical" Reprogram. The program was developed after consultation with a Committee comprised of CBK officials and Treasurers Forum members from approximately ten commercial banks. ##### Key Issues: i) The program adopts the Global Master Repurchase Agreement (GMRA) model, customized to suit domestic market conditions. ii) CBK circulates the proposed MRA along with related documents to enable proper understanding of the program by bank officers and associated persons. iii) Following the Internal Loans Act amendment in October 2007, which explicitly recognizes dematerialization and secondary trading of government securities, the process of gazettement is currently ongoing. iv) The Bank seeks Capital Markets Authority (CMA) approval for Horizontal Repo transactions involving Treasury Bonds to be processed under the MRA without going through the securities exchange. v) Some provisions in the GMRA have been amended to align with existing infrastructure and market practices, and only Government securities are used as collateral. vi) Banks participating in the program must execute and exchange MRAs among themselves and notify CBK of their counterparties. Only authorized banks that have executed and exchanged the MRA will be allowed to participate in Horizontal Repo transactions. ##### Introduction Date: CBK plans to launch the Horizontal Repo transaction platform on Friday, September 12, 2008."

Banknotes and coins that are deemed unfit for circulation due to defects or damage should be sorted according to the given categories. Banknotes with tears, missing corners, security thread loose/missing, or other mutations will be considered "UNFIT" and rejected for circulation. Similarly, coins with major scratches, cracks, discoloration, corrosion, tarnish, or counterfeit features will also be categorized as "UNFIT." The sorted banknotes should be packaged into sub-bundles containing 100 banknotes and then bundled into sets of 10 sub-bundles. Each bundle should have a label stating its type (FIT/UNFIT) and the specific denomination, with different colors representing each denomination for standardization purposes. Coin packaging involves placing them into bags with corresponding labels indicating whether they are fit or unfit and their respective denominations. Different colors are assigned to each denomination of coins for easier identification. This process ensures that only serviceable banknotes and coins are circulated within the economy, promoting proper functioning of the financial system.

The Central Bank of Kenya issues revised guidelines for currency transactions, effective October 1st, 2008. Commercial banks must deposit sorted banknotes and coins, marked as 'FIT' or 'UNFIT', with the Central Bank. The guidelines include criteria for sorting banknotes and coins, as well as instructions for packaging and labeling.

The Central Bank of Kuwait mandates all local banks to establish and maintain robust internal control systems commensurate with their operational size, complexity, and risk exposure. Banks are required to engage external auditors to evaluate these systems, submit annual Management Letters, and provide detailed evaluation reports identifying control deficiencies and risk management adequacy. The instructions outline specific procedural standards for accounting records, IT controls, corporate governance, and compliance functions to ensure prudent asset safeguarding, accurate financial reporting, and effective risk mitigation.

The Central Bank of Kuwait mandates all local banks to progressively increase their national workforce ratio to 50% by March 15, 2007, following a phased six-period timetable. Banks must submit quarterly employee reports detailing Kuwaiti and non-Kuwaiti staff across managerial, supervisory, and clerical levels within ten business days of each quarter's end. Non-compliance with the targeted ratios or reporting deadlines may result in financial penalties unless justified.

The Central Bank of Kuwait requires all local banks to submit comprehensive budgets and future business plans detailing strategic objectives, financial assumptions, variance analyses, and standardized diskette schedules. A 2006 amendment shifted the submission deadline from late October to year-end, mandating that reports be filed alongside closing financial data to reflect more realistic assumptions. The instructions standardize reporting across balance sheet components, income and expenditure accounts, and capital adequacy ratios to enhance regulatory review and financial stability.

The Central Bank of Kuwait issued these instructions to regulate foreign exchange operations for local banks, establishing trading limits, settlement procedures, and risk management requirements. The directives permit institutions to trade Kuwaiti Dinars against foreign currencies on a two-working-day value basis, conduct US dollar/KD swap transactions with a one-year maturity, and mandate same-day coverage of customer USD purchases unless alternative funding is utilized. Effective October 2006, the regulator lifted restrictive 1990s controls, enabling local banks to resume interbank deposits, outright and forward FX transactions, and hedging instruments while maintaining established trading limits and board-approved policies.

The Central Bank of Kuwait issued revised instructions and clarifying circulars to regulate how local banks and investment companies manage third-party portfolios. The regulations transfer supervision of local securities trading to the Kuwait Stock Exchange while limiting the Central Bank’s oversight to foreign portfolios, and mandate strict segregation of customer funds into independent accounts alongside clear investment policies and professional staffing. Additionally, managing parties must maintain detailed accounting records, obtain prior written consent for related-party transactions, and submit quarterly reports on marketed foreign investment funds.

The Central Bank of Kuwait requires local banks and investment companies to submit unified semi-annual and quarterly financial statements to the Kuwait Stock Exchange, excluding expected profit distributions and focusing on net profits as of June 30. These reports must disclose provisions no longer required for return to the Central Bank and apply consistent calculation bases for purchased debt bonds across reporting periods. Furthermore, institutions must notify the Central Bank in advance of any external stock market listings and deliver approved quarterly and annual financial statements before the respective exchange deadlines.

The Central Bank of Kenya has raised the central bank rate (CBR) from 8.75% to 9.00% effective June 6, 2008, following a review of recent economic and financial developments by the Monetary Policy Committee (MPC). The rate will remain in effect until further notice, while all other aspects of open market operations remain unchanged.

The Central Bank of Kenya has successfully implemented the new banking return format and will now discontinue the old reporting form. Transition to the new format will occur gradually, with submissions for April to June 2008 needing both the old and new forms, while those from July onwards should only include the new format. Starting May 2008, returns in the new format will be submitted through the Electronic Return Transmission Software (ERTS).

The Central Bank of Kenya has adjusted the Central Bank Rate (CBR) from 8.75% to 9.00%, effective from June 6th, 2008, following a review by the Monetary Policy Committee. This change remains in effect until further notice, while other aspects of open market operations remain unchanged.

The Central Bank of Kenya is discontinuing the old reporting form and adopting a new one, with a transition period until the end of June 2008. During this time, both the old and new forms should be submitted. From July 2008 onwards, only the new format will be accepted and transmitted through the Electronic Return Transmission Software (ERTS).

The Central Bank of Kenya has issued revised guidelines for currency transactions to commercial banks, effective July 1, 2008. The new guidelines include sorting criteria for banknotes, with a focus on maintaining a clean banknote policy and enhancing integrity and confidence in Kenyan currency. Commercial banks are now expected to sort and separate fit and unfit banknotes before depositing them at the Central Bank, which will no longer accept deposits of unsorted banknotes or coins.

The Central Bank of Kenya has issued revised guidelines for currency transactions, requiring commercial banks to sort banknotes into fit and unfit categories before depositing them at the Central Bank. The Bank will no longer accept deposits of unsorted banknotes or coins, with the new guidelines taking effect from July 1, 2008. The Bank has provided detailed criteria for sorting banknotes, including standards for soiled, stained, torn, and counterfeit notes, with the aim of maintaining a clean banknote policy and enhancing confidence in Kenyan currency.

The Microfinance Act, implemented by the Minister for Finance, outlines regulations for microfinance institutions in Kenya. These regulations categorize deposit-taking microfinance institutions as either nationwide or community-based and outline the requirements for licensing and operations. The Central Bank of Kenya is responsible for licensing and overseeing these institutions, with penalties for non-compliance.

The Microfinance Act outlines the requirements for microfinance institutions to obtain a license to operate in Kenya.

The Central Bank of Kenya plans to introduce a new deposit product, the Term Auction Deposit, with features including a competitive auction bidding system and flexible tenures ranging from 3 to 90 days. The product will be tested on April 28 and 29, 2008, and officially launched on April 30, 2008, with a threshold of KES 20 million for initial bids.

The Central Bank of Kenya announced in Banking Circular No. 3 of 2008 their intention to introduce a new deposit product called Term Auction Deposit (TAD) on April 25, 2008. This product will have competitive auction bidding systems and flexible tenures ranging from 3 to 90 days. Late TAD bids will be priced at 100 basis points below the day's weighted average rate. The deposit amount threshold is initially set at KES 20m, which will be adjusted to KES 10m for late TAD deposits. Current OMO dealing times apply and TAD deposits will be held until maturity, qualifying as part of the liquidity ratio. Late TAD bids won't be eligible as collateral for CBK borrowing or ILF creation. The Central Bank will acknowledge deposits through issuance of account statements on the Reuters OMO page. Testing will run for two days from April 28-29, 2008, and the product will be fully launched on April 30, 2008.

The Central Bank of Kenya, in collaboration with East African partner central banks, has issued a Prudential Guideline on Business Continuity Management for the banking sector to ensure uninterrupted access to banking services and protect against operational disruptions. The guideline sets minimum standards for supervised banking institutions to manage risks and maintain business operations during disruptions. The guideline is effective from March 1, 2008, and is available on the CBK website.

The Central Bank of Kenya has issued Prudential Guideline No. CBK/PG/14 on Business Continuity Management (BCM) to ensure the business operations of licensed financial institutions are not disrupted by major disruptions. This guideline sets minimum standards for all commercial banks, mortgage finance companies, and non-bank financial institutions. It is expected that they will integrate BCM principles within their overall risk management framework. The guideline is effective from March 2008 and is available on the CBK website. Violations attract remedial measures as specified under the Banking Act and Regulations thereof.

The Central Bank of Kuwait establishes comprehensive rules for Islamic banks and investment companies extending consumer finance and personal installment loans, setting maximum limits of KD 15,000 for consumer finance and KD 70,000 for personal installment finance. The regulations cap total monthly installments at 40 percent of a borrower’s net salary (or 30 percent for pensioners), mandate verification through the Ci-Net database, and restrict balloon payments and rescheduling periods to protect borrower burdens. Banks must submit monthly reports detailing loan categories, legal actions, and compliance data while ensuring external auditors verify rectified violations before the instructions take full effect.

The Central Bank of Kuwait has issued a comprehensive supervisory manual establishing the regulatory framework for Islamic banks under Law No. 32 of 1968. The document consolidates registration procedures, applicable laws and ministerial decisions, and periodic statistical reporting into a single, continuously updated reference. Islamic banks must adhere to these consolidated rules to ensure regulatory compliance and support the state’s broader economic development objectives.

The Central Bank of Kuwait issued Instructions No. (2/IBS/114/2003) and Circular No. (2/BS, IBS/190/2006) to establish and amend the regulatory framework for local Islamic banks opening branches domestically and internationally. These regulations require applicant banks to submit written applications accompanied by detailed economic feasibility studies, demonstrate capital adequacy and robust internal controls, and complete registration in the Banks Register at least fifteen days prior to commencing operations. The CBK grants initial approvals valid for one year, which may be extended upon justified request before expiry, while evaluating government-initiated branch proposals based on shareholder equity per operating and under-construction location.

The Central Bank of Kuwait establishes maximum finance concentration limits for Islamic banks, capping single customer liabilities at 15% of the bank's capital base and total large concentrations at four times that base. The regulations define calculation methodologies for cash and non-cash liabilities, specify related-party exposure limits, and outline exemption procedures for strategically important projects upon prior approval. Islamic banks must implement robust accounting controls and submit quarterly compliance reports using designated forms to ensure ongoing adherence to these concentration guidelines.

The Central Bank of Kuwait issued binding instructions requiring local banks and exchange companies to buy and sell Bahraini Dinar, Omani Riyal, Emirati Dirham, and Qatari Riyal notes at daily published rates. These institutions must adhere to the Central Bank's published minimum purchase and maximum selling rates, maintaining a spread not exceeding 0.5 percent against the Kuwaiti Dinar while accepting public transactions accordingly. The Central Bank further guarantees the repurchase of unsold currency balances at the daily rate plus a 0.25 percent margin, with implementation dates spanning from August 1993 to May 1994.

The Board of Directors of the Central Bank of Kuwait authorized maximum interest rates for loans and clearing deficits while mandating a specific list of acceptable collaterals for bank lending. The regulation designates eligible assets including government and foreign treasury bills, various bonds, deposit accounts, certificates of deposit, traded commercial shares and bonds, and accepted commercial papers. These standardized collateral categories enable the Central Bank to systematically secure loans extended to domestic and foreign financial institutions.

The Central Bank of Kuwait authorized local banks to retain ownership of real estate properties originally constructed as head offices. Banks may lease these premises to third parties and defer sales until market conditions improve or operational demands increase. The Board of Directors' directive requires financial institutions to implement administrative and legal measures that facilitate this continued holding and leasing arrangement.

Issued by the Governor of the Central Bank of Kuwait, this directive requires all local banks to directly report any embezzlement cases along with the names of accused employees and judicial verdicts. Banks must additionally notify the Supervision Department of their main department managers and any personnel changes to facilitate ongoing regulatory contact. By establishing this direct reporting channel, the instruction eliminates reliance on delayed newspaper or unofficial sources and ensures timely oversight of financial misconduct.

The Central Bank of Kuwait requires all local banks to notify the regulator in advance before communicating with foreign financial or banking authorities for approvals. This obligation covers cross-border initiatives such as establishing subsidiaries, acquiring shares, opening branches, or expanding operations. Banks must also report any transactions violating hosting country regulations to maintain compliance with international supervisory standards and prevent adverse regulatory consequences.

The Central Bank of Kuwait has issued an instruction prohibiting local banks from concluding agreements that may prejudice the principle of competition. The directive requires financial institutions to cancel existing arrangements, such as coordinated maximum deposit interest rates and foreign currency exchange fees, which previously placed them in a cartel-like position. This mandate ensures that legitimate market competition prevails to protect customer interests and support the sound progress of the banking sector.

The Central Bank of Kuwait has established an automated central registration system requiring local banks and the Kuwait Finance House to report online daily when customer accounts are closed due to bounced cheques. The regulations mandate that accounts be closed if up to three cheques return unpaid within a year or if malice is determined, keeping customer names on the registry for one year while prohibiting new account openings or cheque book issuances. Banks must issue warning notices, secure written customer consent, maintain data secrecy, and submit semi-annual reports to enable real-time tracking of cheque default statuses across the financial sector.

The Central Bank of Kuwait mandates Islamic banks to classify customer investment and finance transactions into regular or irregular categories based on payment defaults, equity declines, and specific customer financial conditions. Irregular transactions are assigned to Monitor, Sub-standard, Doubtful, or Bad tiers according to default duration or risk indicators, triggering specific provision rates ranging from management discretion up to 100 percent. Banks must establish internal committees to evaluate customer portfolios, compute both specific and general provisions (set at a minimum of two percent), and apply the Bank of England Matrix for sovereign risk assessments.

The Central Bank of Kuwait (CBK) establishes an integrated supervisory and regulatory framework to govern banking operations in alignment with Law No. 32 of 1968. The rules mandate compliance across capital adequacy, liquidity management, credit and investment policies, risk measurement, internal controls, and executive governance standards. Additionally, the framework enforces strict anti-money laundering protocols and terrorism financing controls to ensure systemic stability and support national economic development.

The Central Bank of Kuwait established comprehensive rules governing the discount and rediscount system for local banks, mandating that eligible commercial papers be denominated in Kuwaiti Dinar, mature within one year, and carry valid serial endorsements. The regulations standardize the declaration of attached data through a unified format and grant the Central Bank full discretion to accept or reject papers originating from overdraft facilities based on their discount policy. Furthermore, the framework empowers the Board of Directors to set and adjust maximum discount limits and sector-specific interest rates while enforcing penalty charges on banks that delay covering debit balances arising from these transactions.

The Central Bank of Kuwait mandates all local banks to immediately report and provide monthly updates on financial transactions with international institutions facing severe crisis. Subsequent directives extended this obligation to cover market disruptions in Southeast Asia and Russia, ensuring continuous assessment of cross-border exposures. Effective October 2001, the Central Bank discontinued this reporting requirement following sustained market stability and completed risk evaluations.

Issued by the Governor of the Central Bank of Kuwait, these instructions direct all local banks to strictly maintain the confidentiality of customer information and data in accordance with existing statutory obligations. The directive reinforces legal mandates under Law No. 32 of 1968 and Decree Law No. 39 of 1980, establishing that board members, officers, and employees face imprisonment, fines up to 225 Dinars, or dismissal for unauthorized disclosures. Furthermore, the instructions clarify that banks themselves bear legal and financial responsibility for such breaches, thereby safeguarding public confidence in the national banking system.

The Central Bank of Kuwait has amended instructions to permit local banks to extend KD-denominated credit facilities to non-resident customers without prior regulatory consent, provided individual contracts do not exceed KD 40 million or 70 percent of the total contract value. Lending banks retain full risk and must secure signed letters of assignment, limit financing to real government-awarded contracts, and immediately notify the Foreign Operations Department with detailed project and repayment data. The directive also authorizes forward foreign exchange transactions covering up to 50 percent of contract values while establishing internal per-bank limits that may require banks to halt new extensions once reached.

The Central Bank of Kenya (CBK) regulates the financial system and supervises foreign exchange transactions. These guidelines outline the CBK's expectations for authorized foreign exchange dealers, including banks and forex bureaus. Dealers must adhere to principles such as knowing their customers, preventing illegal financial transactions, and consulting with the CBK before introducing new products. The CBK also outlines documentation requirements for various types of transactions, such as imports, dividends, and royalties. Dealers must submit regular returns to the CBK, and penalties are outlined for non-compliance.

The Central Bank of Kuwait has issued a comprehensive set of miscellaneous instructions mandating Islamic and local banks to enhance regulatory compliance, operational transparency, and internal governance. Banks must promptly present inspection findings to their boards, submit monthly statements on foreign charity transfers, strictly load ATMs with sorted currency notes, and utilize Civil ID numbers for all customer transactions. The directives also require prior committee consultation for prisoners of war accounts, designated staff supervision of regulatory adherence, standardized staffing practices, and the confidential application of the CAMEL performance evaluation system.