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Kenyan Businesses Warned: Know Your AML Guidelines or Face Consequences
In a move aimed at strengthening anti-money laundering (AML) and combating financing of terrorism (CFT) efforts, Kenya’s Financial Reporting Centre (FRC) has directed Trust and Company Services Providers and Dealers of Precious Metals and Stones to register as reporting institutions by April 30th, 2024.
Understanding AML/CFT Compliance in Kenya
As the country continues to prioritize AML/CFT compliance, businesses and organizations must determine whether they are reporting entities under the Proceeds of Crime and Anti-Money Laundering Act, 2009 (POCAMLA). According to Section 2 of POCAMLA, financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) are identified as reporting entities.
Reporting Institutions Under POCAMLA
The Financial Reporting Centre holds overarching responsibility for supervising all reporting entities regarding anti-money laundering, terrorism financing prevention, and proliferation financing counter measures. Designated supervisory or self-regulatory organizations also play a crucial role in ensuring compliance.
Reporting institutions under POCAMLA include:
- Banking and financial institutions
- Trust and Company Services Providers
- Dealers of Precious Metals
- Dealers of Precious Stones
- Real Estate Agents
- Lawyers and Notaries Public
- Accountants and Auditors
- External Auditors
Consequences of Non-Compliance
Failing to comply with AML/CFT regulations can have severe consequences, including fines and even criminal charges. To navigate the complex landscape, businesses and organizations must consult with legal experts who possess in-depth knowledge of Kenya’s anti-money laundering laws.
Seeking Expert Guidance
W&T Advocates LLP, a leading law firm in Kenya, offers specialized services to assist clients in meeting their AML/CFT obligations. From registering as reporting institutions to crafting and refining AML/CFT strategies, W&T Advocates provides expert guidance every step of the way.
“Compliance with AML/CFT regulations is not only a legal requirement but also a critical aspect of mitigating money laundering threats,” said Andrew Waithumbi, Partner at W&T Advocates LLP. “Our team is committed to helping businesses and organizations navigate this complex landscape and stay ahead of evolving regulatory demands.”
Contact Information
For more information on AML/CFT compliance in Kenya or to learn how W&T Advocates can support your business, please contact:
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