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Mobile Payment Service Providers Must Make Disclosures to Regulators

The Central Bank of Kenya has issued new guidelines requiring mobile payment service providers to disclose information about suspicious transactions and other matters that may relate to money laundering or terrorist financing.

Guidelines Come into Effect on [Insert Date]

The guidelines require mobile payment service providers to report any information or matter that gives them suspicion or knowledge of a breach of anti-money laundering and combating the financing of terrorism regulations. These disclosures must be made as soon as practicable after the information or matter comes to light, and in the form and manner prescribed by the Central Bank.

When is a Disclosure Required?

A disclosure is required if a mobile payment service provider knows or suspects that a transaction or other matter is related to money laundering, terrorist financing, or another breach of anti-money laundering regulations. The guidelines also provide for certain exceptions, such as where the disclosure is made to a professional legal adviser in privileged circumstances.

Tipping-Off Prohibited

Mobile payment service providers and their agents are prohibited from making disclosures that are likely to prejudice any investigation into suspected money laundering or terrorist financing. This includes falsifying, concealing, or destroying records, and making false statements. Those who breach this prohibition may face penalties and remedial measures.

Form and Manner of Disclosures

The Central Bank may prescribe the form and manner in which disclosures must be made. Disclosures must include any additional information specified by the Central Bank, which is necessary to enable the person receiving the disclosure to decide whether to start a money laundering investigation.

Transition Provisions

Mobile payment service providers who are already operating before the effective date of these guidelines will have 12 months to comply with them. The Central Bank may dispense with any requirements that these providers had complied with prior to the effective date. The guidelines come into effect on [Insert Date]. Mobile payment service providers must ensure that they are aware of their obligations under these guidelines and comply with them accordingly.

Contact

For more information, please contact the Central Bank of Kenya at [Insert Contact Details].

Note: These guidelines are intended to provide general guidance and may be subject to change. It is recommended that mobile payment service providers consult with a qualified professional or seek additional guidance before making any disclosures.