Reporting institutions
Reporting institutions are defined in the Proceeds of Crime and Anti-Money Laundering Act and include Financial Institutions and Designated Non-Financial Businesses and Professions (DNFBPs). The Act prescribes obligations for Reporting Institutions including putting measures in place to combat money laundering, registering with the Financial Reporting Centre, and submitting specified reports to the Centre.
A reporting institution may fall in a business sector with or without a regulator. Where a sector is regulated, the Financial Reporting Centre works closely with the regulator in ensuring the regulated institutions properly implement their anti-money laundering obligations. In sectors where there is no regulator, the Financial Reporting Centre engages directly with the reporting institutions.
The following are some of the regulators and the categories of reporting institutions they regulate:
Central Bank of Kenya
- Commercial Banks and Mortgage Finance Institutions
- Microfinance Institutions
- Foreign Exchange Bureaus
- Money Remittance Service Providers
Capital Markets Authority
- Approved Institutions
- Stock Brokers
- Investment Banks
- Fund Managers
- Investment Advisors
Insurance Regulatory Authority
- Insurance Brokers
- Insurance Providers
- Insurance Agents
Betting Control and Licensing Board
- Casinos (including Internet Casions)
NGO Coordination Board
- Non-Governmental Organizations
Institute of Certified Public Accountants of Kenya
- Accountants (sole practitioners or partners in professional firms)
Estate Agents Registration Board
- Estate Agents
Retirement Benefits Authority
- Administrators
- Fund Managers
- Custodians
The following are sectors which are not regulated but whose institutions are nonetheless reporting institutions:
- Motor Vehicle Dealerships
- Real Estate
- Dealers in Precious Metals
- Dealers in Precious Stones
Old Mutual Tower 13th Floor,
