ADVOKS GLOBAL · KENYA
Accountants Act
8B Penalties for violations relating to money laundering and terrorism financing
Edition: 2025-06-20 · In force
8B Penalties for violations relating to money laundering and terrorism financing
(1)No member of the Institute or a member, director, officer, employer, agent or any other person in the Council, Registration Board or the Examination Board shall violate or fail to comply with the regulations, guidelines, directions, rules or instructions issued for anti-money laundering, combating the financing of terrorism and countering proliferation financing purposes.(2)A person who violates or fails to comply with the provisions of subsection (1) shall be liable—(a)in case of a legal person, to a penalty not exceeding five million shillings;(b)in the case of a natural person, to a penalty not exceeding one million shillings; and(c)to additional penalties not exceeding one hundred thousand shillings in each case for each day or part thereof during which such violation or non-compliance continues.