The Central Bank of Kenya has directed all commercial banks, microfinance institutions and mortgage finance companies to nominate “an independent and competent external third party” to evaluate the institution’s compliance to anti-money laundering and combating the financing of terrorism programs.
Financial institutions are expected to submit profiles of their independent nominees to CBK for approval.
The appointed third parties will evaluate the institution’s customer
Subsequently, the nominated entities are expected to present their independent findings to the Central Bank by 31st May 2019.
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