Kenyan banks have flagged a 30.55 percent surge in suspicious transactions related to terrorism financing, underscoring a need to strengthen anti-money laundering/counter-terrorism financing regulations.
New disclosures by the Financial Reporting Centre (FRC), Kenya’s financial intelligence unit, show that banks and other credit institutions reported 94 transactions related to terrorism financing in 2024, compared with 72 in 2023, while suspicious transactions related to money laundering increased 18.73 percent to 7,193.
