Central Bank of Kenya issues banks strict directives on combating money laundering and terrorism
To strengthen its risk based approach in managing money laundering and terrorism financing (ML/TF) risks in the banking sector, the Central Bank of Kenya (CBK) has drafted a Guidance Note on Conducting Money Laundering/ Terrorism Financing Risk Assessment.
The Guidance Note is intended to supplement the CBK’s Prudential Guideline on Combating the Financing of Terrorism (CBK/PG/08) which requires institutions to carry out ML/TF risk assessment to facilitate the identification, assessment, management and mitigation of associated risks.
The Central Bank of Kenya invites comments and suggestions from the banking sector and general public on the draft Guidance Note. CBK encourages comments on the draft Guidance Note through the email address firstname.lastname@example.org by Wednesday, January 31, 2018.
The complete Guidance Note can be found here.