Central Bank takes action against Absa Bank over forex transactionsThe Central Bank of Kenya (CBK) has taken regulatory action against Absa Bank Kenya for failing to provide information about some foreign exchange transactions conducted in March 2020.According to a statement released by CBK, the lender did not have a satisfactory assurance of the source of funds used in the forex transactions. Any suspicious transactions involving large sums of money must be reported to the Central Bank. SEE ALSO: Why Central Bank is right on value of the shilling, not IMFThe Central Bank has temporarily stopped Absa Bank from acting as an authorized foreign exchange dealer from Thursday, April 9 to Wednesday, April 15, 2020. Additionally, the regulator has asked Absa Bank to put in measures that will ensure all necessary documents are provided during foreign exchange transactions and that Anti-money laundering and combating the financing of terrorism rules are adhered to. The bank faces challenges barely two months after it officially changed its name to Absa Bank Kenya PLC ; a year and a half after Absa Group bought a controlling stake at the bank’s parent company Barclays Africa, prompting the name change.

Source: Standard Digital April 09, 2020 08:26 UTC