Compliance

Section 47A (1) of the Proceeds of Crime and Anti-Money Laundering Act,2009 (POCAMLA) provides that “All reporting institutions to which this Act applies shall register with the Centre within such period and in such manner as the Centre may prescribe.”

Registration with the Centre is done solely through an online portal known as goAML.

The registration process is as follows:

• Click on the link goAML Registration.
• The link will reroute to the go AML landing page.
• On the landing page, click on RI Registration Requirements (insert hyperlink) which will redirect you to the registration guidelines. The registration guidelines provide comprehensive details of the
• On the landing page, click on FORM FRC RF 1-1 (insert hyperlink) to access the application form. The reporting institution is required to fill in the application form and ensure that it is executed by the CEO and witnessed by a Commissioner for Oaths.
• Once the reporting institution has gone through the registration guidelines and duly filled the FORM FRC RF 1-1, scroll to the bottom of the goAML landing page and click register to proceed with the registration process as guided by the registration guidelines.
• Ensure that all the requisite documents are attached to the application for registration in the attachments section before submitting the application to the Centre.
• On submission, an email notification will be sent to the reporting institution to confirm that their application for registration has been successfully submitted.
• The Centre shall review the application for registration and either approve or reject the application. Where an application is approved, the reporting institution will receive a notification confirming that the registration has been approved and allocated with a unique organization number.

Kindly note that a reporting institution is deemed to have registered with the Centre when it receives a notification that an application for registration has been approved and the reporting institution allocated with a unique organization number, and not when the reporting institution sends an application for registration to the Centre.

The RI Registration Requirements and FORM FRC RF 1-1 can also be downloaded using the links below:

Reporting institutions are required to notify the Centre in instances where there is a change in particulars regarding the institution. For instance, change in beneficial ownership information, change in management of the institution, change in ownership, or change in Money Laundering Reporting Officer (MLRO) of the institution.
Note that Regulation 5 of the Proceed of Crime and Anti-Money Laundering Regulations 2023 requires reporting institutions to inform the Centre of the change in particulars within 90 days. However, when the MLRO resigns and a new one is appointed, the Centre should be notified within 14 days.

Annual Compliance Reporting
Regulation 44 of the Proceeds of Crime and Anti-Money Laundering Regulations, 2023 (POCAML Regulations) requires all reporting institutions to submit to the Financial Reporting Centre (the Centre) by the 31st January of the following calendar year or as may be required by the Centre from time to time, a compliance report detailing the institution's compliance with the Proceeds of Crime and Anti-Money Laundering Act, 2009 (POCAMLA), the POCAML Regulations and the institution's internal anti-money laundering rules.

The Annual Compliance Report also requires reporting institutions to indicate their institutions’ compliance with the Prevention of Terrorism Act, 2012 and the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on the Suppression of Terrorism) Regulations, 2023 as well as disclosures relating to higher risk countries as required by Section 45A of POCAMLA.

The Centre circulates an Annual Compliance Report Template towards the end of the year which institutions use for reporting compliance in the ending year. The report may vary from year to year and institutions are encouraged not to submit their reports using templates not intended for the particular year. The Annual Compliance Report Template for the year 2023 can be downloaded at the link below:

• Annual Compliance Report Template 2023 Vers. 6 (3) (2023)

Suspicious Transaction/Activity Reports (STR/SAR)
POCAMLA requires that whenever a reporting institution or supervisory body becomes aware of suspicious activities or transactions which indicate possible money laundering, terrorism financing or proliferation financing activities, it shall report to the Centre within two days after the suspicion arose. Sufficient information shall be disclosed by the reporting institution or supervisory body indicating the nature of and reason for the suspicion, and provide additional supporting documentation to the Centre.
The Financial Reporting Centre has automated the reporting of Suspicious or Unusual Transactions through the goAML system available on the link below. Register with FRC to get access and enable reporting of suspicious transactions/activity.

Cash Transaction Reports (CTR)
POCAMLA requires reporting institutions to file reports with the Centre on all cash transactions equivalent to or exceeding US$15,000 or its equivalent in any other currency carried out by them, whether or not the transaction appears to be suspicious. The CTR shall be made at the end of the week in which the transaction occurred unless circumstances demand for the report to be made without delay in which case it shall be reported to the Centre immediately.
This report must be filed electronically through the goAML application or by any other means prescribed by the Centre.

Cross Border Declarations
A person intending to convey monetary instruments equivalent to or exceeding USD 10,000 to or from Kenya shall, before doing so declare the particulars concerning that conveyance to the Customs Officer pursuant to Section 12 of the POCAMLA.
The Customs Officer shall then immediately, but not later than 5 days, submit the declarations to the Centre.

Report on Customers Originating from Higher Risk Countries
POCAMLA requires a reporting institution to submit a list of customers (both natural and non-natural persons) originating from higher-risk countries to the Centre by January 31 of the following year, for the preceding calendar year.

Public Reporting
The Public Reporting Section is meant to enable members of the public to provide information about suspicious activities. If any member of the public has information about suspicion of money laundering or terrorist activities, he/she may volunteer the information to the Centre via the Contact Us section

The above reports except public reporting are done through goAML

Targeted Financial Sanctions
Asset Freezing and Prohibitions to prevent funds or other Assets from being made directly or indirectly available to the benefit of designated persons or entities. Read More