ARTICLE · 06 MAY 2019

Reducing The Risk Of Financing Terrorism

Anjarwalla & Khanna

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The latest findings by Kenyan Police in their investigations into the 15 January 2019 terrorist attack in Nairobi, Kenya highlights the increased need for the implementation of proper anti-money laundering (AML) procedures by financial institutions.

KenyaGovernment, Public Sector

William Oelofse

The latest findings by Kenyan Police in their investigations into the 15 January 2019 terrorist attack in Nairobi, Kenya highlights the increased need for the implementation of proper anti-money laundering (AML) procedures by financial institutions.

As the focus of the investigation shifts towards determining how the attack was funded, media reports in local dailies indicate that a bank and its employee are already in court for having facilitated terrorist financing through negligence or disregard of the AML reporting requirements.

Terrorist financing is the process by which terrorists fund their operations by exploiting weaknesses in the financial system.

Financial institutions, through the various regulatory requirements around AML, are expected to have in place processes and procedures for deterring, detecting and reporting terrorist financing. This is the most effective way to combat terrorist financing and stop the flow of funds that would result

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