Five banks fined for flouting money laundering rules

Written By: Stanley Wabomba


The Central Bank has fined five banks 392 million shillings for violating anti-money laundering rules in respect to the handling of the National Youth Service scandal that was exposed this year.

The five banks namely Standard Chartered, Equity, KCB, Co-operative Bank and Diamond Trust Bank Kenya face penalties for handling 3.5 billion shillings NYS cash.

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KCB which handled 639 million shillings has been fined 149.5 million shillings.

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Equity Bank transacted 886 million shillings and will pay 89.5 million shillings in penalties.

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Standard Chartered Bank handled 1.628 billion shillings and has been fined 77.5 million shillings.

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Diamond Trust Bank which transacted 162 million shillings has been fined 56 million shillings.

Co-operative Bank transacted 263 million shillings and face a penalty of 20 million shillings.


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