Kenya

Reg. 11 requires reporting institutions to adopt and implement internal control policies covering compliance management, staff screening, training and independent audit. Reg. 12(1)-(2) requires a management-level MLRO and reg. 12(3) requires notice of appointment or removal to the Centre and the supervisory body within fourteen days; section 47 of POCAMLA requires internal controls and reporting procedures.

Section 46(4) requires records to be kept for at least seven years from completion of the transaction or end of the account or relationship, unless the Centre requires longer in writing; s.44(5) applies seven years to findings on suspicious transactions and reg. 42 of the 2023 Regulations extends it to CDD records and correspondence.

Section 45(1) requires reasonable measures to establish the true identity of applicants and customers, s.45(2) applies due diligence to existing customers by risk and s.45(4)(b) requires beneficial owners to be identified and verified; s.45A requires enhanced due diligence for higher-risk countries. Regs. 14 and 25 of the 2023 Regulations set when CDD applies and require identity to be verified before or during establishing the relationship. The CBK's 2025 CDD guidance states there are no thresholds or exemptions.

Reg. 7(1)-(2) requires a documented, current risk assessment covering money laundering, terrorism financing and proliferation financing; reg. 7(3) requires board-approved policies based on it and reg. 8(2) requires an assessment before new products, practices or technologies.

Section 47A requires reporting institutions to register with the Centre and to notify changes in registered particulars within ninety days (s.47A(4)); failure to register is an offence (s.47A(5)).

Section 44(2) requires a report to the Financial Reporting Centre "within two days after the suspicion arose" and s.44(3) extends this to attempted transactions; reg. 38(1) of the 2023 Regulations repeats the two-day period. Section 44(6) separately requires reports of cash transactions at or above the Fourth Schedule threshold.