By BRIAN NGUGIMore by this AuthorCommercial banks have backed the Central Bank of Kenya (CBK) stringent anti-money laundering laws, despite plans by legislators to relax them. Sector lobby Kenya Bankers Association (KBA) chairman Joshua Oigara said the laws were necessary to protect the integrity of the banking system. We have to protect our financial sector,” said Mr Oigara, who is also the KCB Group managing director Wednesday. The law requires all financial institutions including banks, insurance companies and saccos to file with the Financial Reporting Centre daily reports on transactions above Sh1 million and those deemed suspect. President Uhuru Kenyatta had earlier ordered unprecedented tough new sanctions against individuals and institutions who flout anti-money laundering laws.

Source: Daily Nation March 07, 2019 04:52 UTC