{"id":5793,"date":"2020-04-09T16:44:15","date_gmt":"2020-04-09T16:44:15","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=5793"},"modified":"2020-04-09T16:44:15","modified_gmt":"2020-04-09T16:44:15","slug":"central-bank-takes-action-against-absa-bank-over-forex-transactions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions","title":{"rendered":"Central Bank takes action against Absa Bank over forex transactions"},"content":{"rendered":"<p><strong>AfricaPress-Kenya:<\/strong> The Central Bank of Kenya (CBK) has taken regulatory action against Absa Bank Kenya for failing to provide information about some foreign exchange transactions conducted in March 2020.<\/p>\n<p>According to a statement released by CBK, the lender did not have a satisfactory assurance of the source of funds used in the forex transactions.\u201cIn investigating these and other earlier transactions it is evident that Absa Kenya did not have a satisfactory assurance of the underlying commercial transactions supporting these trades, as is required, nor did the bank ensure the standard checks on anti-money laundering and combating the financing of terrorism (AML\/CFT) and know-your-customer (KYC) requirements were applied,\u201d the statement reads.<\/p>\n<p>Kenyan banks are required by law to have safeguards against money-laundering and other illicit financial transactions. Any suspicious transactions involving large sums of money must be reported to the Central Bank.<\/p>\n<p>The Central Bank has temporarily stopped Absa Bank from acting as an authorized foreign exchange dealer from Thursday, April 9 to Wednesday, April 15, 2020. However, all committed transactions as at April 8, 2020, can be settled.<\/p>\n<p>Additionally, the regulator has asked Absa Bank to put in measures that will ensure all necessary documents are provided during foreign exchange transactions and that Anti-money laundering and combating the financing of terrorism rules are adhered to.<\/p>\n<p>The bank faces challenges barely two months after it officially\u00a0changed its name to Absa Bank Kenya PLC; a year and a half after Absa Group bought a controlling stake at the bank\u2019s parent company Barclays Africa, prompting the name change.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Kenya: The Central Bank of Kenya (CBK) has taken regulatory action against Absa Bank Kenya for failing to provide information about some foreign exchange transactions conducted in March 2020. According to a statement released by CBK, the lender did not have a satisfactory assurance of the source of funds used in the forex transactions.\u201cIn investigating [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":5788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[2888,1155,2217,2887,2886,2885],"class_list":["post-5793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-absa-bank-kenya","tag-cbk","tag-central-bank-of-kenya","tag-foreign-exchange","tag-forex","tag-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Central Bank takes action against Absa Bank over forex transactions - kenya<\/title>\n<meta name=\"description\" content=\"The Central Bank of Kenya (CBK) has taken regulatory action against Absa Bank Kenya for failing to provide information about some foreign exchange\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank takes action against Absa Bank over forex transactions\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Kenya (CBK) has taken regulatory action against Absa Bank Kenya for failing to provide information about some foreign exchange\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-09T16:44:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/28\/2020\/04\/central_bank_takes_r5e8edd0c999f5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central Bank takes action against Absa Bank over forex transactions\",\"datePublished\":\"2020-04-09T16:44:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions\"},\"wordCount\":263,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/28\/2020\/04\/central_bank_takes_r5e8edd0c999f5.jpg\",\"keywords\":[\"Absa Bank Kenya\",\"CBK\",\"Central Bank of Kenya\",\"Foreign exchange\",\"Forex\",\"Fraud\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/central-bank-takes-action-against-absa-bank-over-forex-transactions\",\"name\":\"Central Bank takes action against Absa Bank over forex transactions - 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