Casino and Internet Betting Firms to Register with AML Agency
The Financial Reporting Centre has issued a directive requiring all casinos and internet betting firms in Kenya to register with the corporation. Casino Betting AML Kenya
Accounting firms, real estate companies, forex bureaus, life insurance agents, and Saccos governed by the Sacco Societies Regulatory Authority (Sasra) are also additionally required to register.
This is in compliance with the Crime and Anti-Money Laundering Bill signed by President William Ruto last week.
In addition to the daily tax collected from gamblers by the Kenya Revenue Authority, casinos, and online betting companies will need to abide by FRC regulations.
The institutions have until September 15 to comply, as FRC Director General Saitoti Maika stated in a notice, failing which action will be taken against them.
The Kenya Revenue Authority is anticipated to submit a cross-border currency disclosure report to the FRC for any foreign exchange transactions worth more than $10,000.
The FRC was established in accordance with Section 21 of the Proceeds of Crime and Anti-Money Laundering Act 2009 (POCAMLA) with the primary goal of assisting in the detection of criminal proceeds and the fight against money laundering and terrorism funding. Casino Betting AML Kenya
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All reporting institutions are required to comply with the obligations of the POCAMLA among others registration with the centre in accordance with Section 47A of the POCAMLA.
Take note that failure to register with the FRC constitutes an offence pursuant to Section 47A(5) of POCAMLA and the centre will proceed to take action.
Saitoti Maika Director General FRC
A supervisory body and other relevant authorities will be given an order asking for the suspension or revocation of licenses, registrations, or permissions for those who do not comply, according to Maika. The action will also involve the imposition of administrative and/or civil penalties.
The registration process will be conducted online using the goAML platform, and the necessary regulations are available on the FRC website.
On August 23, the National Assembly approved the Anti-Money Laundering and Combating Terrorism Financing Laws (Amendment) Bill, 2023.
In order to address shortcomings found during the Mutual Evaluation of Kenya, it sought to alter at least 18 Acts of Parliament pertaining to anti-money laundering, combating the financing of terrorism, and preventing the funding of the proliferation of weapons of mass destruction. Casino Betting AML Kenya
