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MPs hand CBK new powers to fight dirty cash
Kuria Kimani, Finance Bill Committee chairperson gives his remarks during the launch of the 2022 Kenyan Banking Sector Total Tax Contribution study by PricewaterhouseCoopers Limited (PwC)and Kenya Bankers Association on August 2, 2023 at Serena Hotel, Nairobi. PHOTO | BILLY OGADA | NMG
The Central Bank of Kenya (CBK) will now have powers to vet beneficial owners of banks besides just directors and senior managers after MPs tightened the law on reporting suspicious large cash transactions.
MPs passed changes to the current law to empower the CBK to regulate, supervise and enforce compliance for anti-money laundering, combating the financing of terrorism and countering proliferation financing by all reporting institutions regulated by and supervised by the Central Bank, and whom the provision of proceeds of crime apply.
