The Central Bank of Kenya (CBK) has taken regulatory action against Absa Bank Kenya citing the bank's failure to provide information about some foreign exchange trades.
In a statement issued on Thursday, April 9, CBK said that Absa Bank Kenya failed to adhere to financial transaction requirements, including conducting standard checks on anti-money laundering and know-your-customer policies.
As such, CBK has ordered Absa Bank Kenya to cease to transacting as an authorised foreign exchange dealer in the Kenyan market for seven days, effective April 9.
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Absa Bank Kenya has also been ordered to reverse the market positions that it created as a result of the flagged transactions.
Lastly, the Absa Bank Kenya is to place a robust framework that ensures all relevant documents for such foreign exchange transactions are available as required.
