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Three banks fined Sh3 million for NYS cash transfers
CBK governor Patrick Njoroge. He said the regulator is seeking to amend the CBK Act to enhance the maximum penalty to be meted on banks that flout the law. PHOTO | FILE
The Central Bank of Kenya (CBK) slapped three commercial banks with a fine totalling Sh3 million for failing to report suspicious transactions relating to the Sh791 million National Youth Service (NYS) scandal, Governor Patrick Njoroge revealed in Parliament Thursday.
Dr Njoroge said the banking industry regulator also forced the sacking of nine top managers of Family Bank where the bulk of the money stolen from NYS was paid to Ms Josephine Kabura, the businesswoman at the centre of the scandal.
