Financial Crime World

MEMBERS OF NATIONAL COMMITTEE CONSTITUTE QUORUM AT ANY MEETING

New Provision Strengthens Anti-Money Laundering Supervision in Kenya

Kampala - The National Committee will now be able to regulate its own procedures for conducting meetings, thanks to a new provision introduced by the Anti-Money Laundering Act. This Act aims to prevent the use of the financial system for money-laundering and terrorist financing.

Key Provisions of the Anti-Money Laundering Act

  • Constituting a Quorum: Members of the National Committee must now constitute a quorum at any meeting, enabling them to regulate their own procedures and carry out their duties more effectively.
  • Verification of Identity: Reporting persons (including banks, financial institutions, and other businesses) are required to take reasonable measures to establish the true identity of applicants seeking to enter into business relationships or carry out transactions. This includes verifying official records such as birth certificates or passports.
  • Customer Records: Reporting persons must maintain customer records, including information on the source of wealth and funds.
  • Enhanced Monitoring: Reporting persons are required to conduct enhanced ongoing monitoring of business relationships with politically exposed persons.

Role of the National Committee

The National Committee is responsible for overseeing the implementation of anti-money laundering measures in Kenya. With this new provision, members of the National Committee will be able to regulate their own procedures and carry out their duties more effectively.

Future Plans

In related news, the Minister has announced plans to introduce new regulations aimed at strengthening anti-money laundering supervision. These regulations are expected to come into effect later this year and will require reporting persons to adopt additional measures to prevent money-laundering and terrorist financing.

Conclusion

The Anti-Money Laundering Act is an important step towards preventing the misuse of the financial system in Kenya. By strengthening anti-money laundering supervision, we can help to protect our economy from the risks associated with money-laundering and terrorist financing.