Banks up scrutiny on firms after CBK finesKCB Group Chief Executive Joshua Oigara. KCB Group — the biggest bank in the country by asset base — said it had increased vetting on account opening as well as monitoring of transactions by firms contracted by the Government. So that is the course we are taking because now we are being fined and we also have to protect the shareholders,” said KCB Group Chief Finance Officer Lawrence Kimathi. KCB Group Chief Executive Joshua Oigara said banks are not perfect and that money laundering is a global challenge which the bank is working to tackle. The banks, which have a duty to report large transactions, CBK said, contravened their mandate by not reporting transactions that exceeded Sh1 million to the Financial Reporting Centre.

Source: Standard Digital March 10, 2019 21:54 UTC