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FRC flags 48 realtors and casinos without illicit deals safeguards
The activities of real estate agencies, casinos and betting firms have become areas of enhanced tracking as the government clamps down on economic crimes such as financial terrorism and racketeering.
Kenya’s financial intelligence agency has identified 24 real estate agencies and a similar number of casinos that were operating in the country without any anti-money laundering safeguards, triggering the issuance of guidelines to lower risks of illicit financial flows through such entities.
The Financial Reporting Centre (FRC) latest report shows that the agency discovered the exposure during a 2023 risk profiling exercise, which covered 80 real estate agencies and 47 casinos in the country.
