The Capital Markets (Online Foreign Exchange Trading) Regulations

27. Money Laundering reporting officer

Edition: 2023-10-06 · In force

27. Money Laundering reporting officer

(1)A dealing or non-dealing online foreign exchange broker or money manager shall appoint a money laundering reporting officer who shall be responsible for—

(a)reporting to the Financial Reporting Centre, any transaction or activity that he has reason to believe is suspicious;

(b)being informed of all suspicious activities available to the licensee and take action on suspicious disclosures as soon as practical so as not to delay the reporting of such disclosures;

(c)creating awareness to all the employees on the Anti-money Laundering laws as well as the audit systems adopted;

(d)ensuring that persons are screened before being hired as employees; and

(e)any other responsibility that may be imposed by any written law.

(2)A money laundering reporting officer may also be the compliance officer required under regulation 26.

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Source: Kenya Law