Reporting Institutions

Reporting institutions are defined in the Proceeds of Crime and Anti-Money Laundering Act and include Financial Institutions and Designated Non-Financial Businesses and Professions (DNFBPs). The Act prescribes obligations for Reporting Institutions including putting measures in place to combat money laundering, registering with the Financial Reporting Centre, and submitting specified reports to the Centre.

A reporting institution may fall in a business sector with or without a regulator. Where a sector is regulated, the Financial Reporting Centre works closely with the regulator in ensuring the regulated institutions properly implement their anti-money laundering obligations. In sectors where there is no regulator, the Financial Reporting Centre engages directly with the reporting institutions.

The following are some of the regulators and the categories of reporting institutions they regulate:

Central Bank of Kenya

Commercial Banks and Mortgage Finance Institutions
Microfinance Institutions
Foreign Exchange Bureaus
Money Remittance Service Providers

Capital Markets Authority

Approved Institutions
Stock Brokers
Investment Banks
Fund Managers
Investment Advisors

Insurance Regulatory Authority

Insurance Brokers
Insurance Providers
Insurance Agents

Betting Control and Licensing Board

Casinos (including Internet Casions)

NGO Coordination Board

Non-Governmental Organizations

Institute of Certified Public Accountants of Kenya

Accountants (sole practitioners or partners in professional firms)

Estate Agents Registration Board

Estate Agents

Retirement Benefits Authority

Administrators
Fund Managers
Custodians

The following are sectors which are not regulated but whose institutions are nonetheless reporting institutions:

Motor Vehicle Dealerships
Real Estate
Dealers in Precious Metals
Dealers in Precious Stones

Highlights

MUTUAL EVALUATION REPORT FOR KENYA

Kenya underwent an Anti-Money Laundering, Counter Terrorist Financing and Counter Proliferation Financing (AML/CFT/CPF) assessment by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) aimed at assessing Kenya’s compliance with global AML/CFT/CPF standards.

Kenya’s Mutual Evaluation Report (MER) was adopted by the ESAAMLG Council of Ministers in September 2022 at its meeting in Livingstone, Zambia and subsequently published on the ESAAMLG website on November 11, 2022. The MER summarises the AML/CFT/CPF regime in the country also provides recommendations on how the country’s AML/CFT/CPF regime can be strengthened. A copy of the MER can be downloaded here.