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Financial Reporting Centre: Simplified Registration Process for Institutions
In a bid to streamline its registration process, the Financial Reporting Centre (FRC) has introduced an online application system for institutions seeking to register with the Centre.
Electronic Application Submission
According to sources at the FRC, institutions can submit their applications electronically, which will then be reviewed by the Centre. The Centre will notify the institution via email once the application has been received and approved, allocating a unique organization number in the process.
“It is important to note that an institution is deemed registered with the FRC when it receives notification of approval and allocation of a unique organization number, not when it submits its application,” said an FRC spokesperson.
Registration Guide and FORM FRC RF 1-1
The Centre has made available a registration guide and FORM FRC RF 1-1 on its website for institutions seeking to register. The FORM can be downloaded from the Centre’s website, along with a comprehensive registration guide.
Change in Particulars
Institutions are required to notify the FRC of any changes in particulars regarding their institution, including:
- Changes in beneficial ownership information
- Management or ownership changes
- Money Laundering Reporting Officer (MLRO) changes
Under Regulation 5 of the Proceeds of Crime and Anti-Money Laundering Regulations 2023, institutions must inform the Centre of such changes within 90 days. However, in cases where the MLRO resigns and a new one is appointed, notification must be made within 14 days.
Annual Compliance Reporting
In compliance with Regulation 44 of the Proceeds of Crime and Anti-Money Laundering Regulations 2023, institutions are required to submit an annual compliance report detailing their compliance with the relevant laws and regulations by January 31 of each year. The Centre provides a template for this purpose, which can be downloaded from its website.
Suspicious Transaction/Activity Reports (STR/SAR)
In line with POCAMLA requirements, institutions must report any suspicious activities or transactions to the FRC within two days of becoming aware of them. The Centre has automated the reporting process through its goAML system, available on its website.
Cash Transaction Reports (CTR)
Institutions are required to file reports with the Centre on all cash transactions equivalent to or exceeding US$15,000 carried out by them. These reports must be filed electronically through the goAML application or any other means prescribed by the Centre.
Cross Border Declarations
The FRC requires individuals intending to convey monetary instruments equivalent to or exceeding USD 10,000 to or from Kenya to declare the particulars of that conveyance to a Customs Officer before doing so.
Report on Customers Originating from Higher Risk Countries
Institutions are required to submit a list of customers originating from higher-risk countries to the Centre by January 31 of each year. This report can be submitted electronically through the goAML application.
Public Reporting Section
The FRC also has a Public Reporting Section, which allows members of the public to provide information about suspicious activities. Individuals can volunteer such information via the Contact Us section on the Centre’s website.
For more information or assistance with the registration process, institutions can contact the FRC at [insert contact information].