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 Templates can be downloaded at the links below:
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