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Anti-Money Laundering Regulations in Kenya: A Comprehensive Guide

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This guide outlines the requirements for financial institutions in Kenya to report suspicious activities, comply with anti-money laundering regulations, and submit reports to the Financial Reporting Centre (FRC).

Registration Requirements

To operate effectively in the Kenyan financial landscape, institutions must adhere to strict registration guidelines.

• A reporting institution is deemed registered when they receive notification of approval and allocation of a unique organization number.
• Institutions must notify the FRC of changes in particulars within 90 days (or 14 days for MLRO resignations).
  • Registration guide and FORM FRC RF 1-1 can be downloaded.

Annual Compliance Reporting

Institutions are expected to submit an annual compliance report detailing their adherence to anti-money laundering regulations by January 31st each year.

• Report templates are circulated by the FRC towards the end of the year.
  • The report includes disclosures relating to higher-risk countries and compliance with other relevant laws.

Suspicious Transaction/Activity Reports (STR/SAR)

Reporting institutions must act swiftly in reporting suspicious transactions or activities within two days after suspicion arises.

• Sufficient information and supporting documentation must be provided to the FRC.

Cash Transaction Reports (CTR)

Institutions are required to file reports on cash transactions exceeding $15,000 at the end of each week, unless circumstances demand immediate reporting.

• CTRs must be filed electronically through goAML or other means prescribed by the FRC.

Cross Border Declarations

When conveying monetary instruments exceeding $10,000, persons are required to declare particulars to Customs Officers before doing so.

• The Customs Officer must submit declarations to the FRC within 5 days.

Report on Customers Originating from Higher Risk Countries

Institutions must submit a list of customers originating from higher-risk countries by January 31st each year for the preceding calendar year.

These reports, except public reporting, are done through goAML.