The Financial Reporting Centre (FRC)

About Us

The Financial Reporting Centre (FRC)

The Financial Reporting Centre (FRC), Kenya’s Financial Intelligence Unit, is established under section 21 of the Proceeds of Crime and Anti-Money Laundering Act, 2009 (POCAMLA). FRC is an independent body whose principal objective is to assist in the identification of the proceeds of crime and combating money laundering, terrorism financing and proliferation financing. FRC became operational on April 12, 2012

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Compliance

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“Protecting our country from Money laundering, Terrorism financing and Proliferation financing is a shared responsibility. Together, we can safeguard our financial system, our security and our future.”

A Kenya free from illicit Financial Flows

Understanding the Financial Reporting Centre

The Centre make’s information collected by it available to investigating authorities, supervisory bodies and any other bodies relevant to facilitate the administration and enforcement of the laws of Kenya, exchange information with similar bodies in other countries regarding money laundering, financing of terrorism and proliferation financing activities and related offences; and ensures compliance with international standards and best practice in anti-money laundering, counter financing of terrorism and counter proliferation financing measures.

Our Vision

A Kenya free from illicit financial flows.

Mission

To promote the integrity of Kenya’s financial system by combating money laundering, terrorism financing, and proliferation financing.

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WHAT WE DO

Our Mandate

FRC's Key mandate is identification of the proceeds of crime and combating money laundering, terrorism financing and proliferation financing

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Financial Intelligence

FRC receives and analyses financial information, including suspicious transaction and activity reports, to identify patterns, risks and potential financial crime.

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AML/CFT/CPF Supervision

The Centre, in collaboration with other regulators, supervises reporting institutions to ensure compliance to AML,CFT and CPF legal framework.

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Financial Intelligence Dissemination

Financial intelligence generated through analysis can be disseminated to relevant law enforcement and other competent authorities for further action

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Targeted Financial Sanctions

FRC facilitates implementation of targeted financial sanctions, including measures relating to freezing and prohibiting funds or assets from being made available to designated persons or entities.

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Stakeholder Collaboration

FRC works with national and international partners involved in preventing and combating financial crime, including law enforcement agencies, supervisory bodies and international financial intelligence networks.

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AML/CFT COMPLIANCE

Are You a Reporting Institution?

Reporting institutions, according to Section 2 of the Proceeds of Crime and Anti-Money Laundering Act, 2009 (POCAMLA), are financial institutions ,Designated Non-Financial Businesses and Professions (DNFBPs) or Virtual assets service providers (VASPs).
Reporting institutions are required to adhere to obligations under the POCAMLA, the Prevention of Terrorism Act 2023, and various legislation in relation to anti-money laundering, countering the financing of terrorism, and countering proliferation financing.

Obligations

FRC Registration

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.”

Reporting

The AML/CFT/CPF legal framework requires reporting entities for file suspicious transactions Reports (STRs), Cash Transactions Reports (CTRs) ,Cross border declarations and Annual compliance reports among others to FRC.

Ongoing Monitoring

A reporting institution shall monitor on an ongoing basis all complex, unusual, suspicious, large or such other transactions as may be specified in the regulations, whether completed or not while paying attention to unusual patterns.

Annual Compliance Reporting

All reporting institutions are required to submit annual compliance reports to the FRC by the 31st January of the following calendar year or as may be required from time to time,

Targeted Financial Sanctions

Asset Freezing without delay and Prohibitions to prevent Funds or other Assets from being made directly or indirectly available to the benefit of designated persons or entities.

Risk Assessment

Undertake a risk assessment to enable it identify, assess, understand, monitor, manage and mitigate the risks associated with money laundering, terrorism financing and proliferation financing.