9th November 2017
Kenya, Uganda and Tanzania are among the countries in east Africa where international lenders have cut-off correspondent banking relationships for fear of being exposed to charges of money laundering and terrorism financing. “The withdrawals of correspondent Bank relationships (CBRs) could result in longer payment… Read More
3rd July 2017
Money laundering can be summarized in three words; Bribery, Corruption and Fraud. The difference of these three words is almost nil. Kenya’s vulnerability to money laundering is fast rising with the complex mobile payments pioneering in the country. Kenya ranks badly in the Corruption Index (Transparency International & W.G.I.) making the country… Read More
28th June 2017
Former Chase Bank chairman Zafrullah Khan is expected in court Wednesday to face money laundering and theft charges. Khan was arrested by detectives from the Banking Fraud Investigations Unit and spent Tuesday night in custody, according to police. He is among seven senior bank managers whom the Director of Public… Read More
22nd June 2017
The International Monetary Fund (IMF) has warned that the rapid growth of Islamic finance in Kenya is happening without adequate protection of depositors as is the case with conventional banking. The IMF says in a newly released report that Kenya is yet to refine its prudential regulations to cater for… Read More
8th June 2017
Suspicions that Qatar is involved in funding terrorism could roil Kenya’s trade relations with the Middle East country, even as neighbours in the Gulf tightened sanctions. On the second day of the Gulf Crisis when Saudi Arabia, United Arab Emirates, Bahrain and Egypt cut diplomatic ties with Qatar, Nairobi chose… Read More
5th April 2017
Candidates interested in heading the Financial Reporting Centre, the state agency charged with identifying proceeds of crime and fighting money laundering, have three days to apply. FRC, established under the Proceeds of Crime and Anti Money Laundering (Amendment) Act 2012, has largely been operating under staff seconded from the Central Bank… Read More
22nd March 2017
Many compliance professionals have traditionally used the Foreign Corrupt Practices Act 1977 (USA) and the Bribery Act 2010 (UK) as their lodestar for designing anti-bribery systems and responses. Read More
Kenya’s new Bribery Act, which pairs onerous obligations with severe penalties, may mark the start of a new era in which developing countries pass and enforce anti-bribery laws that are far more stringent than those in “traditional” compliance jurisdictions. Read More
9th March 2017
Jersey chief minister Ian Gorst has signed an agreement to allow the return of over £3m ($3.65m, €3.46m) of stolen assets to Kenya. Read More
6th March 2017
Mobile money providers like M-Pesa have disrupted traditional financial systems in many countries in ways conventional banks could only dream of. Read More