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Kenya’s Anti-Money Laundering Regulations: What You Need to Know About Identifying and Verifying Customer Information

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Reporting Institutions Must Implement Due Diligence Measures to Prevent Money Laundering and Terrorism Financing

Nairobi, Kenya - In a bid to prevent money laundering and terrorism financing, the Financial Intelligence Unit (FIU) has introduced new regulations requiring reporting institutions in Kenya to identify and verify customer information. The regulations aim to ensure that financial transactions are transparent and do not facilitate illegal activities.

What You Need to Know

Under the new regulations, reporting institutions must obtain certain particulars from customers, including:

  • Names
  • Dates of birth
  • Identity card numbers or passport numbers
  • Addresses

This information is crucial in establishing the true identity of customers and preventing fraud and other criminal activities.

The regulations also require reporting institutions to verify the identity of customers by requiring them to produce official records reasonably capable of establishing their true identities. In addition, reporting institutions must identify and verify the beneficial owners of customers, including:

  • Trusts
  • Partnerships
  • Legal arrangements

Key Points

  • Reporting institutions in Kenya are required to implement due diligence measures to prevent money laundering and terrorism financing.
  • Customers must provide certain particulars, including names, dates of birth, identity card numbers or passport numbers, and addresses.
  • Reporting institutions must verify the identity of customers by requiring them to produce official records reasonably capable of establishing their true identities.
  • The regulations require reporting institutions to identify and verify the beneficial owners of customers, including trusts, partnerships, and legal arrangements.

In Conclusion

The new regulations are aimed at preventing money laundering and terrorism financing in Kenya. Reporting institutions must ensure that they comply with these regulations by identifying and verifying customer information. This will help to maintain transparency in financial transactions and prevent illegal activities.