Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)

The PwC Kenya Financial Crime Unit has released a newsletter highlighting key changes in the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) (Amendment) Act 2023 that was assented to law by the President on 1 September 2023. 

The newsletter focuses on key amendments including but not limited to: 

• The expanded scope of the offence of money laundering to terrorism and proliferation financing.
• Increased Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Countering Proliferation Financing (CPF) mandates of supervisory bodies. 
• Emphasis on risk-based approach to ML/TF and Proliferation Financing by the Financial Reporting Centre (FRC) and regulators/supervisory authorities.
• Increased due diligence scope for reporting institutions to include materiality and risk for both individuals and countries.
• The Law Society of Kenya is now considered a self-regulatory body with an obligation to receive suspicious transactions reports from law firms and channel the same to the FRC. 
• FRC now has operational independence from the State embedded in the State Corporations Act.
• Companies and Limited Liability Partnerships now have increased beneficial ownership compliance requirements and are required to comply by 31 October 2023.
• The definition of economic crime as per the Anti-corruption and Economic Crimes Act now includes money laundering activity. 
  

To comprehensively understand the nature and impact of these and other amendments, download the full publication below.