Kenya: Kenya fines 5 banks $3.75 mln under anti-money laundering laws

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Kenya’s chief prosecutor on Thursday fined five banks a total of 385 million shillings ($3.75 million) for not reporting suspicious transactions under anti-money laundering laws, adding his office reserved the right to prosecute them in the future.

Some of the banks fined are among the biggest in Kenya, including KCB Group and Equity. Others that were hit with penalties were Co-op Bank Kenya, StanChart Kenya and Diamond Trust.

The charges related to the theft of nearly $100 million from the National Youth Service (NYS). Dozens of senior government officials and business people were charged in May 2018 with various crimes.

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