You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App
Join our mailing list to receive top business news every weekday morning.

Regulator penalises Absa Bank Kenya over anti-money-laundering lapses

Orders the bank to top foreign exchange dealing between April 9 and April 15.
Image: Bloomberg

Kenya’s central bank has ordered Absa Bank Kenya to stop foreign exchange dealing between April 9 and April 15 for failing to observe anti-money-laundering rules on some trades, the regulator said.

The central bank said it took action over some foreign exchange trades Absa Bank carried out in March, and said Absa also failed to satisfactorily make “know your customer checks” in the trades.

“Absa Kenya is required to … reverse the market positions that were created as a result of the flagged transactions,” the central bank said in a statement.

The bank said Absa would also be required by April 15 to have put in place stronger measures to make sure all documentation needed for foreign exchange transactions was available and followed the regulations.

It said Absa Bank can settle all transactions it did as of April 8.

“Absa Kenya’s acknowledgement of its obligations as an authorised foreign exchange dealer and its commitment to address the underlying issues is noted,” the central bank said.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

Who is responsible for oversight of ABSA’s financial crime obligations in Africa? Whoever it is should be fired. This is not the first ABSA fine for gaps in their AML framework.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: