Banking Act

33D. Powers on anti-money laundering, combating the financing of terrorism and countering proliferation financing matters

Edition: 2024-12-27 · In force

33D. Powers on anti-money laundering, combating the financing of terrorism and countering proliferation financing matters

(1)Pursuant to sections 2A, 36A, 36B and 36C of the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A), the Central Bank shall regulate, supervise and enforce compliance for anti-money laundering, combating the financing of terrorism and countering proliferation financing purposes by all reporting institutions regulated and supervised by the Central Bank and to whom the provisions of the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A) apply.

(2)In undertaking its mandate under subsection (1), the Central Bank may—

(a)vet proposed significant shareholders, proposed beneficial owners, proposed directors and senior officers of a reporting institution;

(b)conduct onsite inspection;

(c)conduct offsite surveillance;

(d)undertake consolidated supervision of an institution and its group;

(e)compel the production of any document or information the Central Bank may require for the purpose of discharging its supervisory mandate under the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A);

(f)impose monetary, civil or administrative sanctions for violations related to anti-money laundering, combating the financing of terrorism or countering proliferation financing purposes;

(g)issue regulations, guidelines, directions, rules or instructions for anti-money laundering, combating the financing of terrorism and countering proliferation financing purposes;

(h)co-operate and share information for anti-money laundering, combating the financing of terrorism and countering proliferation financing purposes; and

(i)take such action as is necessary to supervise and enforce compliance by reporting institutions in line with the provisions of the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A) and any regulations, guidelines, rules, instruction or direction made or issued thereunder.

(3)For purposes of this section, “reporting institution” has the meaning assigned to it under section 2 of the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A).[Act No. 10 of 2023, Sch.]

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Source: Kenya Law