The Law Society of Kenya has issued a practice advisory reminding all advocates of their obligations under the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) and the associated regulations.
Key Compliance Requirements
- Enhanced due diligence for high-value transactions
- Mandatory reporting of suspicious transactions to the Financial Reporting Centre (FRC)
- Record-keeping requirements for client identification documents
- Staff training on anti-money laundering procedures
- Appointment of a Money Laundering Reporting Officer (MLRO)
The advisory comes amid increased scrutiny of legal professionals' role in preventing money laundering. Advocates who fail to comply with these requirements face penalties including fines and disciplinary proceedings.
Our firm has implemented comprehensive AML compliance procedures and conducts regular training for all staff members.