KCB Accuses Central Bank Of Kenya For Negligence On NYS Fraud

In a bare it all report by a Kenyan daily newspaper, reports show that Kenya Commercial Bank (KCB) is accusing the Central Bank of Kenya (CBK) for negligence that led to the misappropriation of public funds through the National Youth Service (NYS).

KCB, says that that they provided intelligence to the Central Bank of Kenya but it failed to act on the information, which led to the loss of massive amounts of taxpayers' money.

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KCB adds that CBK is unfair by chosing to fine banks instead of admitting that they did not act on information shared to them two years before the fraud became public.

The bank is indeed surprised that the regulator proposes to penalise it in respect of transactions that the bank reported and provided a detailed suspicious transaction report (STR).

KCB further adds;

An STR that not only identified suspicious transactions but went further to carefully detail the existence of a network of related entities doing business with NYS in the sum of about 258 million shillings. 

The report was submitted to CBK in December 2016 yet the NYS II saga broke in  May 2018. This raises questions on the laxity displayed by the supervisory bank.

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