Family Bank has agreed to pay a fine of Sh 64.5 million for failing to report Josephine Kabura's suspicious transactions amounting to Sh1.6 billion in 2014 and 2015 in the first NYS scandal. The fine was settled in a plea bargain between the bank and the office of the DPP. "I admit the facts contained in the plea agreement and whose contents I have fully understood. The Bank had been accused that on December 22, 2014, and May 19, 2015, the accused being a reporting institution failed to comply with its reporting obligations by failing to report unusual transactions. Also read: Five banks lose bid to block Sh392m CBK fine over NYS scandalClick here for the latest political news

Source: The Star December 17, 2018 14:26 UTC