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FRC-learn how to report | FRC Kenya

Learn How to Report

Learn How to Report

Reporting

The requirement to report suspicious transactions, established under Section 44 of the POCAMLA 2009 states that banks, financial institutions, cash dealers or members of relevant professions shall make a report to the FRC on any transaction which they have reason to believe may be a suspicious transaction.

 

Obligation to monitor and report suspected money laundering activity.  

A reporting institution shall monitor on an ongoing basis all complex, unusual, suspicious, large or other transaction as may be specified in the regulations, whether completed or not, and shall pay attention to all unusual patterns of transactions, to insignificant but periodic patterns of transactions that have no apparent economic or lawful purpose as stipulated in the regulations.

 

Upon suspicion that any of the transactions any or activity could constitute or be related to money laundering or the proceeds of crime, a reporting institution shall report the suspicious or unusual transaction or activity to the Centre in the prescribed form immediately and, in any event, within seven days of the date the transaction or activity that is considered to be suspicious occurred.

 

A reporting institution shall file reports on all cash transactions equivalent to or exceeding the USD 10,000, whether they appear to be suspicious or not.

The report shall be accompanied by copies of all documentation directly relevant to the suspicion and the grounds on which it rests.

The STR form can be downloaded from our website downloads