Summary
This document is a guide detailing the AML KYC regulations in Kenya, as introduced by the Central Bank of Kenya. It outlines the framework established to combat money laundering and the financing of terrorism, detailing the rights and obligations of both legal and natural persons in this context. The guide provides an overview of the necessary requirements for Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures, particularly focusing on identity verification processes. It includes definitions of key terms, such as client, customer, and enhanced due diligence (EDD), and specifies the types of documents required for identity and address verification. Additionally, it discusses the timing of verification processes, the role of politically exposed persons, and the potential reliance on external services for compliance. Record retention requirements are also addressed, emphasizing the necessity to maintain data for a minimum of seven years as part of AML and KYC obligations.
