By PAUL WAFULAMore by this AuthorThe Central Bank of Kenya (CBK) has slapped the newly rebranded Absa Bank Kenya, formerly Barclays Kenya, with sanctions among them a one-week suspension as an authorised foreign exchange dealer for failing to ensure standard checks on some trades in March. In as statement issued today, the banking sector regulator said it had taken regulatory action against Absa Kenya, following the bank's failure to provide information about some forex trades that it conducted in March 2020. "During this time Absa Kenya cannot transact, inter alia, in the interbank foreign exchange market. It added that Absa Kenya's acknowledgement of its obligations as an authorised foreign exchange dealer and its commitment to address the underlying issues was noted. It however did not reveal if any financial penalties were slapped on the bank or the amounts involved in the flagged foreign exchange transactions.

Source: Daily Nation April 09, 2020 08:15 UTC