The financial services sector regulator says in an industry guidance note that this is intended to enable banks effectively identify, “assess, monitor, manage and mitigate” the risks associated with the vices. “On an annual basis, institutions shall provide Central Bank of Kenya (CBK) with a report on the results of its money laundering and terrorism financing risk assessment. Financial institutions will be required to appoint a money laundering reporting officer. The officer will be the central point of contact with the CBK for anti-money laundering and combating the financing of terrorism. A 2013 report by the Global Financial Integrity, a Washington-based non-profit, research and advocacy organisation, tagged Kenya as a high-risk place for money laundering and terrorist finance citing global financial regulators.
Source: Daily Nation January 03, 2018 04:52 UTC