CBK announces punishment for 5 banks involved in NYS theft [Full List]

Here are the culprits!

The CBK announced also announced the fines that would be instituted against the five banks that handled the largest transactions.

The names banks include Standard Chartered Bank Kenya Ltd, Equity Bank Kenya Ltd, KCB Bank Kenya Ltd, Co-operative Bank of Kenya Ltd, and Diamond Trust Bank Kenya Ltd.

The regulatory authority said its investigations were mainly to examine the operations of the NYS-related bank accounts and transactions, and in each instance assess the bank’s compliance with the requirements of Kenya’s Anti-Money Laundering/Combating Financing of Terrorism.

Standard Chartered Bank received Sh1.6 billion from NYS – they were fined Sh77.5 million.

Equity Bank transacted Sh886 million of NYS loot and was handed a Sh89.5 million while KCB received a Sh 149.5 million penalty for the the Sh639 it received from NYS.

Cooperative Bank will incur a fine of Sh20 million, having received Sh263 million from the youth service. Diamond Trust Bank will pay a Sh56 million penalty, having transacted Sh162 million.

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