The responses also related to Cbk’s assessment of the associated penalties and Action Plans to address the identified lapses.
Cbk Governor Patrick Njoroge Banks will be more vigilant in flagging and freezing accounts for suspicious transactions after the regulator insisted on fining five banks that transacted National Youth Service (NYS) scandal money.
They are licenced and regulated by the Central Bank of Kenya (Cbk) in Kenya and by the Financial Conduct Authority (FCA) in the United Kingdom.
- The banks had been slapped with the huge fine for illegally transacting with money swindled from National Youth Service - Central Bank of Kenya said it had taken the penalty was vital for curbing money laundering and countering financing of terrorism - The banks wrote to the Cbk to review the exorbitant fines and reduce penalty - The banks; regulator however stated submissions by the five top banks was shallow and didn't warrant a reduction of the fines The Central Bank of Kenya (Cbk) has refused to review downwards KSh 392.5 million fine imposed on five banks for transacting illegally with money stolen from National Youth Service (NYS).
His statement came as the Central Bank of Kenya (Cbk) declined to reverse the Sh392 million penalties slapped on five banks implicated in the NYS scam.
Cbk Headquarters in Nairobi (PHOTO: FILE) NAIROBI, KENYA: Central bank has upheld fines it slapped on five commercial lenders in September over suspicious transactions linked to NYS scam.
Market News Banks fail to convince Cbk to reverse Sh392m penalty over NYS scam Five banks used in handling stolen National Youth Service (NYS) funds have failed to convince the Central Bank of Kenya to drop or alter the Sh392.5 million fine imposed on them in mid September.
Cbk said on Friday in a statement that responses by Standard Chartered Bank, Equity Bank, KCB Bank, Co-operative Bank and Diamond Trust Bank Kenya were not watertight to make the regulator alter the penalties.
The Central Bank of Kenya (Cbk) on Friday said the banks presented insufficient responses on why they should not be penalised.
“Cbk (Central Bank of Kenya) has reviewed each bank’s response to the penalty assessment and has concluded that the submissions were not sufficient to alter the findings of the investigations and the penalties assessed,” the bank said.