ADVERTISEMENT

CBK suspends Absa Bank from Forex trading

Suspension of Absa Bank by CBK

 Absa Bank Kenya suspended by CBK from forex trade

The Central Bank of Kenya (CBK) has suspended Absa Bank Plc from transacting as an authorized Forex dealer.

ADVERTISEMENT

In a statement on Thursday, CBK indicated that Absa Bank has been suspended for five working days after it flouted anti-money laundering rules during trades conducted in March 2020.

In investigating these and other earlier transactions it is evident that Absa Kenya did not have the satisfactory assurance of the underlying commercial transactions supporting these trades, as is required.

"... did the bank did not ensure the standard checks on anti-money laundering and combating the financing of terrorism (AML/CFT) and know-your-customer (KYC) requirements were applied, ” the statement reads.

Five working days suspension

CBK has ordered Absa to cease trading as an authorised Forex dealer for five working days- Thursday, April 9, 2020, to Wednesday, April 15, 2020.

In the statement, CBK said Absa has been banned and cannot transact in the inter-bank foreign exchange market.

However, the regulator has allowed the lender to settle committed transactions as of April 8.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Chebukati responds to Raila after remarks in Jacaranda rally

Chebukati responds to Raila after remarks in Jacaranda rally

DCI officers ambush thugs to save kidnapped university girl

DCI officers ambush thugs to save kidnapped university girl

Kibicho reveals moment when Magoha almost resigned from office

Kibicho reveals moment when Magoha almost resigned from office

Why people thought I was crazy in marrying Magoha - Dr Barbara

Why people thought I was crazy in marrying Magoha - Dr Barbara

Report shows decline in biometric fraud attempts in Kenya

Report shows decline in biometric fraud attempts in Kenya

Gov't announces changes in issuance of birth & death certificates

Gov't announces changes in issuance of birth & death certificates

Court frees 4 suspects in Edwin Chiloba murder case

Court frees 4 suspects in Edwin Chiloba murder case

Cabinet adopts tablets as Ruto chairs first paperless meeting [Photos]

Cabinet adopts tablets as Ruto chairs first paperless meeting [Photos]

CS Machogu issues warning after witnessing students going to school at odd hours

CS Machogu issues warning after witnessing students going to school at odd hours

ADVERTISEMENT