Faced with the press on March 6, 2019 in Nairobi, Joshua Oigara, the president of the Kenyan Bankers Association (KBA) said the banks support the strict regulation proposed by the Central Bank on money laundering.
“We are behind these rules. We need to protect our financial sector, “said Oigara, who is also managing director of KCB (Kenya commercial bank). Pointing out that these laws were necessary to protect the integrity of the banking system.
By a majority, MEPs wanted to relax the sanctions provided by the text they consider too “strict” in the fight against money laundering in the country. But Central Bank governor Patrick Njoroge opposed the move last February, saying the proposed amendments would not facilitate the fight against corruption and cut Kenya’s banking sector into the global financial system.
“The negative effect of the amendment on the banking sector would be the immediate end of foreign bank relations and the closure of Kenyan bank accounts (risk reduction),” he warned in a statement to the Commission. finances of the National Assembly.
Among other things, the regulations require all financial institutions to submit daily reports of transactions in excess of Sh1 million and suspicious transactions to the Financial Information Center.
