Banks, insurers face Sh20m fines in new dirty cash fight

BDMONEYLAUNDERING

Kenya was added to the FATF grey list in February 2024 and remained under increased monitoring in the watchdog's June 2026 review.

Banks and other financial institutions face higher fines of up to Sh20 million for breaches of new terror-financing rules as Kenya races to curb suspicious financial flows.

New regulations by the Ministry of Interior and National Administration raise the maximum penalty for financial institutions more than sixfold from Sh3 million and the jail term for offending officials to 10 years from seven years previously.

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