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Kenyan Government Tightens Noose on Money Laundering

The Kenyan government has introduced new laws to strengthen its anti-money laundering regime and hold individuals and corporate bodies accountable for contravening the provisions of the Anti-Money Laundering Act.

New Penalties for Contravention

Under the new law, any person who contravenes the provisions of section 12 shall be liable to a fine not exceeding Sh500 million or an amount equivalent to three times the market value of the property, whichever is greater. Additionally, they may face imprisonment for up to ten years.

Corporate Bodies Accountable

If a body corporate is found guilty of contravening the provisions of section 12, it shall be liable to a fine not exceeding Sh1 billion or an amount equivalent to three times the market value of the property, whichever is greater. The Financial Intelligence Unit or regulator may also apply for an order against the body corporate, including barring it from carrying on business directly or indirectly for up to three years.

Directors and Managers Liable

The law targets corporate bodies that commit money laundering offenses. According to section 14 of the Act, a director, manager, controller, partner, or person concerned in the management of a body corporate or association may be convicted of an offense under this Act and shall be liable to a penalty specified in section 13 unless they prove that the offense was committed without their consent or connivance.

Identity Verification Required

In another move aimed at preventing money laundering, reporting persons such as banks and financial institutions are required to take reasonable measures to satisfy themselves as to the true identity of any applicant seeking to enter into a business relationship with them. This includes requiring applicants to produce an official record reasonably capable of establishing their true identity.

Enhanced Monitoring Required

Reporting persons are also required to conduct enhanced ongoing monitoring of business relationships involving politically exposed persons, and to establish whether such persons are acting on behalf of another person.

Compliance Expected

The law comes into effect immediately, and all reporting persons are expected to comply with its provisions. The government has warned that any person found guilty of contravening the Act will be severely punished.

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This article is for informational purposes only and should not be considered as legal advice. For further information, please consult a qualified legal professional.