ARTICLE · 02 MAY 2019

CBK Issues New Checks To Curb Money Laundering

Anjarwalla & Khanna

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The Central Bank of Kenya (CBK) recently released Circular No. 2 of 2019 relating to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

KenyaGovernment, Public Sector

William Oelofse

The Central Bank of Kenya (CBK) recently released Circular No. 2 of 2019 relating to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

The circular details a requirement by the CBK that all commercial banks, microfinance banks and mortgage finance companies provide comprehensive evidence of their compliance with regulations relating to AML/CFT. As part of demonstrating compliance, the financial organisations are required to nominate an independent external third party to review their AML/CFT compliance programmes by 31 May 2019.

The independent reviewer will inspect the banks' due diligence measures, AML/CFT risks, related internal controls and monitoring/reporting systems among others and ultimately deliver detailed findings in a report to the CBK.

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