ADVOKS GLOBAL · KENYA
Proceeds of Crime and Anti-Money Laundering Act
48. Application of reporting obligations
Edition: 2025-11-04 · In force
48. Application of reporting obligations
The obligations under this Part shall apply to—(a)accountants, advocates, notaries and other independent legal professionals who are sole practitioners, partners or employees within professional firms when preparing or carrying out transactions for their clients in the following situations—(i)buying and selling of real estate;(ii)managing of client money, securities or other assets;(iii)management of bank, savings or securities accounts;(iv)organisation of contributions for the creation, operation or management of companies; or(v)creation, operation or management of buying and selling of business entities or legal arrangements; or(b)a trust or company service provider not otherwise covered elsewhere in this Act, which as a business, provides any of the following services to third parties—(i)acting as a formation agent of legal persons;(ii)acting as, or arranging for another person to act as, a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;(iii)providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement;(iv)acting as, or arranging for another person to act as, trustee of an express trust;(v)acting as or arranging for another person to act as, a nominee shareholder for another person.(c)dealers in precious metals and dealers in precious stone when they engage in any cash transaction with a customer equal to or above fifteen thousand US Dollars.