Mandate
Objectives:
The Financial Reporting Centre (FRC) (Kenya’s Financial Intelligence Unit) is established by Section 21 of POCAMLA. It is an independent body whose principal objective is to assist in the identification of the proceeds of crime and combating money laundering.
The other objectives of the FRC are to:
- Make information collected by it (FRC) available to investigating authorities and supervisory bodies to facilitate the administration and enforcement of the laws of Kenya;
- Ensure compliance with international standards and best practice in anti-money laundering measures;
- Exchange information on money laundering activities and related offences with similar bodies in other countries.
FRC’s Powers and Functions
Under POCAMLA, the FRC has extensive functions and powers. These include:
- Implementation of registration system for Reporting Institutions;
- Receipt and analysis of reports of unusual or suspicious transactions and cash transaction reports made by Reporting entities as well as cash declaration forms received from border points;
- Dissemination of Reports received under the Act to appropriate law enforcement authorities or other supervisory body for further handling;
- Undertaking inspection and supervision of reporting institutions to ensure compliance with AML/CFT reporting obligations as prescribed in POCAMLA;
- Facilitating exchange of information on money laundering activities with other financial intelligence units in other countries;
- Formulating policies on anti-money laundering in consultation with the Board.
- Developing AML/CFT Regulations to provide guidance to support implementation of the Act;
- Developing AML/CFT training programs for reporting institutions.
- Compiling of statistics and records;
- Dissemination of information within Kenya or elsewhere, and make recommendations arising out of any information received;
- Issuing guidelines to reporting institution and advising the Minister;
- Creation and maintenance of a database of all reports of suspicious transactions, related Government information and such other materials as the Director may from time to determine to be relevant to the work of the Centre.
Old Mutual Tower 13th Floor,
