Chase Bank blames agency over theft of youth funds

Kenya’s anti-money laundering watchdog, the Financial Reporting Centre (FRC), failed to take action on suspicious transactions in the Youth Enterprise Development Fund’s (YEDF) account at Chase Bank, leading to the loss of Sh180 million, Parliament heard Tuesday.

Chase Bank, which hosted the youth fund’s account, told Parliament that the FRC did not act on reports signalling suspicious transactions in the account belonging to Quorandum Limited, the firm that did business with the YEDF.