ADVOKS GLOBAL · KENYA
Proceeds of Crime and Anti-Money Laundering Act
134. Regulations
Edition: 2025-11-04 · In force
134. Regulations
(1)The Cabinet Secretary shall make Regulations—(a)with regard to the nature of the information contemplated in section 44 and the manner in which it is to be reported;(b)with regard to the designation of persons for purposes of section 47;(c)in consultation with the Chief Justice, prescribing from time to time the maximum allowable costs for legal services in connection with an application for a preservation of property order or forfeiture order or the defending of a criminal charge which may be met out of property that is subject to a preservation of property order;(d)providing for high risk customers or clients; and(e)providing for any matter which he may consider necessary or expedient to prescribe or to regulate in order to achieve the objects of this Act.(2)Notwithstanding the provisions of subsection (1), the Cabinet Secretary may make regulations generally for carrying out the purposes and provisions of this Act, including the following—(a)regulations that require reporting institution to exercise due diligence and take reasonable measures to satisfy themselves as to the true identity of any person seeking to enter into a business relationship with them, or seeking to carry out a transaction or series of transactions with them, by requiring the person to produce an official record reasonably capable of establishing the true identity of the person:(b)regulations that require reporting institutions to establish and maintain records of transactions;(c)regulations that require reporting institutions to report transactions or activities that they have reasonable grounds to believe are suspicious or unusual as defined by the regulations and this Act; or(d)regulations that require reporting institutions to establish and maintain internal reporting procedures to make employees aware of domestic laws relating to money-laundering, and the procedures and related policies established and maintained by them pursuant to this Act, to provide employees with appropriate training in the recognition and handling of suspicious activities that may be indicative of money-laundering, to provide for an independent auditing of monitoring procedures, and to maintain an adequate anti-money laundering compliance programme.(3)Any regulations made under this section may provide, in respect of any contravention thereof or non-compliance therewith, for the imposition of a sanction including—(a)in the case of a natural person, imprisonment for a term not exceeding seven years or a fine not exceeding seven years or a fine not exceeding ten million shillings, or to both; and(b)in the case of a body corporate, a fine not exceeding twenty million shillings.