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CBK penalizes 5 banks for violating anti-money laundering regulations

The ghosts of the infamous national youth service scandal have returned to haunt the banking sector after the central bank fined five commercial banks a total of 392 million shillings for being used as conduits to illegally transact 3.6 billion shillings stolen from the state institution.
In a statement released this evening, Central Bank said the decision follows the conclusion of the first phase of investigations that touched on movements on NYS bank accounts and transactions.


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