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Kenyan Banks to Track High-Value Transactions: New Directive on Money Laundering Compliance 🇰🇪

Kenyan Banks to Track High-Value Transactions: New Directive on Money Laundering Compliance 🇰🇪

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#banking
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Kenyan commercial banks are set to implement stricter tracking measures for large transactions, following a recent directive from the Central Bank of Kenya. This move aims to enhance transparency and curb money laundering, impacting how businesses and individuals manage high-value transfers. 🏦💰

Kenyan commercial banks will begin tracking large cash deposits and transfers exceeding KES 1 million, following a directive from the Central Bank of Kenya (CBK) aimed at combating money laundering and terrorism financing. The new "purpose of payment" (PoP) transaction codes, introduced in October 2023, will categorize and monitor these transactions for enhanced transparency and regulatory compliance. This measure aligns with the global ISO 20022 standards, which require consistent transaction processing and communication.


  • Key Details:Banks like NCBA have already informed customers of the new compliance measures.
    PoP codes will be applied to Real-Time Gross Settlement (RTGS) transactions, streamlining large cash transfers between banks.
    The Kenya Electronic Payments and Settlement System (KEPSS) processed transactions worth KES 10.7 trillion ($82.3 billion) in Q1 2024.
    Non-compliance with anti-money laundering regulations could result in hefty fines of up to KES 20 million ($155,000) for banks.

This initiative is expected to fast-track local compliance with global standards and provide a safer financial environment in Kenya. 🌍📈



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