Money laundering is regarded as the process where the illicit money is generated by the criminals to launder the money. The terrorist financing takes place by providing a large number of assets to the terrorist along with the resources to pursue their activities.
These two phenomenons differ a lot in many ways they can take advantage of the same susceptibility in the financial systems. Kenya ranks top in the emergence of terrorism and funding. Therefore, international AML, compliance domain, local practices Kenya is engaged in.
Kenya has adopted and developed the AML/CFT policies in collaboration with the foreign partners to tackle the financial crimes, terrorist financing. Hence, let us understand the AML Certification in Kenya in detail.
Kenya is facing a lot of problems in the AML, compliance domain. Being regarded as the major financial and trade hub of East Africa, Kenya is liable for money laundering and terrorist financing activities that are happening at large. Therefore, drug Traffickers, International terrorist indulge in crimes. Kenya is under an increasing pressure for implementing the Anti- Money Laundering laws in the country.
In the year 2008, Proceeds of Crime and Anti-Money Laundering bill was introduced and was going through the legal requirements. Immediately in 2009, the confirmation was granted and Proceeds of Crime and Anti-Money Laundering Act was implemented in the Kenya law. Since, this law is regarded as the most exhaustive piece in the AML legislation in Kenya. Kenya government is also looking after the AML/CFT measures. Accordingly, Financial Reporting Center (FRC) establishes a detailed understanding of reporting requirements, penalties, anti-money laundering.
AML Certification in Kenya
Regtech Times Academy has launched Certified Anti-Money Laundering Professional ProgramCAMP program would rigorously test one's knowledge in the AML and financial crimes domain. Thus, Certified Anti-Money Laundering Professional Program is one of the programs in the world.
Just in the morning i said in my post
we need a fresh content on finance and #proofofbrain can be next leo finance. I really meant something like this. Terror Activities in Africa are real problem which affects their laundering regulations
Thank you for this encouraging comment. We wish to add the country-wise compliance, aml and terror funding risks associated with the transactions. You can watch this place for learning more on the Anti Money laundering.
This is actually a good topic and people would be far more interested in knowing about the kind of money laundering that takes place in the crypto currency space as well.