Kenya: Banks boost money laundering scrutiny


Banks are introducing more checks to scrutinise customers against money laundering and fraud, with some shining spotlight on depositors and others set introduce biometric measures. Barclays Bank Kenya, for instance, has revised its deposit slip to ask for much more information than it previously did, while Family Bank is to roll out a biometric system in bid to curb fraud.

At Barclays, a depositor now has to write their full name, purpose of deposit, email address, ID or Passport number, mobile phone number and nationality. They must also provide a “narrative” in form of ATM card number, reference number, bill number, student number, or other distinct information. Officials handling a transaction must now write their name, give the transaction a ticket number, state who provided the number, and indicate the date and time.

Barclays CEO Jeremy Awori did not respond when reached for comment on the new-look deposit slip, and whether the bank has tapped other measures Banks increase checks on money laundering, fraudto monitor transactions. Family Bank’s chief executive Peter Munyiri said the mid-tier lender has set side Sh60-70 million for the biometric system this financial year. He said the bank employs other measures under know-your-customer to curb fraud and money laundering.

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