Money laundering is regarded as the process where illicit money is generated by criminals to launder the money. Terrorist financing takes place by providing a large number of assets to the terrorists along with the resources to pursue their activities.
In the year 2008, the Proceeds of Crime and Anti-Money Laundering bill was introduced and was going through legal requirements. Immediately in 2009, the confirmation was granted and the Proceeds of Crime and Anti-Money Laundering Act was implemented in Kenya law. Since this law is regarded as the most exhaustive piece of AML legislation in Kenya. Kenya’s government is also looking after the AML/CFT measures. Accordingly, the Financial Reporting Center (FRC) establishes a detailed understanding of reporting requirements, penalties, and anti-money laundering.
What are the crimes in Kenya
Crime is a major concern nowadays. It is drifting through Easy Africa, mostly in Kenya is emerging rapidly. It’s a difficult task for law enforcement agencies to be alert to the criminal activities that are taking place in the country.
The illicit criminal activities in Kenya comprise terrorist financing, human trafficking, drug trafficking, cybercrime etc. Sadly, the legal authorities do not have any solution to curb the illegal activities. The major responsibility for the illegal and criminal activities that are taking place in Kenya can be regarded as a peculiarity to surrounding the country from the crimes.
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. Several foreigners own casinos or betting companies here which pose the highest risk of laundering to Kenya.
Kenya is under increasing pressure to implement the Anti- anti-money laundering laws in the country. So, the country shall understand the AML strategies. Therefore, to know it in detail CAMP AML Certification in Kenya is the certification the citizens must opt for.
What is the status of FATF Evaluation in Kenya?
The Financial Action Task Force (FATF) has not currently added Kenya to the list as the country is not comprehensible as the critical AML deficiencies.
FATF didn’t put Kenya on the list as it observed that Kenya has taken effective steps to regulate the AML/CFT regime. It has initiated a legal as well as a regulatory framework to look after the strategic deficiencies.
What is Financial Action Task Force
The Financial Action Task Force is regarded as the global money laundering and terrorist financing watchdog. This body is developed to set up the standards with the aim to combat the illegal activities that are taking place in the country. FATF promotes bringing up the national legislative and regulatory reforms in these prone areas.
Countries on the grey list do not suffer as severe repercussions as those on the Black List. Countries turning a blind eye toward the spread of blatant money laundering and terror funding are placed on the black list. The FATF has likely observed the beginnings of such activities in grey-listed countries. Placing a country on the grey list serves as a sort of warning for them. If they do not take any action against the spread of such activities, the FATF will most likely move them to the Black List. The black list was formerly known as the “Call for action” list and the Grey List “Other monitored jurisdictions.
Overview of the Economy
The Economy of Kenya is market-based. Earlier, Kenya is regarded as one of the fastest growing economies in Africa. recently Kenya has become a lower-income economy and has initiated a diversified economy. Kenya is facing substantial provocation to sustainable and inclusive economic growth. In Kenya, the agriculture sector is one of the backbones of the economy. The country works based on a liberal economy which builds up trade and investment.
How big is AML Challenge?
The economic crimes that are taking place in the country have impacted adversely the level of economic development in Kenya. Money laundering tends to demoralize legitimate business systems.
Kenya has its own set of Anti Money laundering challenges. The motor vehicle dealers’ industry, especially the second-hand dealership, is highly vulnerable to ML/TF abuse in the country among others.
Money laundering curtails the government tax regime and cripples the government’s control over the economy. Criminals have always endeavored to conceal the origin of
illegally generated funds to erase all traces of their wrongdoings.
Are there any regulatory actions taken or any sanctions imposed
There are no international sanctions imposed on the country.
AML Certification in Kenya
Regtech Times Academy has launched the “Certified Anti-Money Laundering Professional Program”. CAMP program would rigorously test one’s knowledge in the AML and financial crimes domain. Thus, the Certified Anti-Money Laundering Professional Program is one of the best international certifications in the AML, compliance domain. Regtech Times Academy offers the best AML certification program recognized globally. Hence, the Certified Ant-Money Laundering Professional program is one of the video-based learning certification programs in the compliance domain.
Certified Anti-Money Laundering Professional is an interesting experience for compliance professionals. Therefore, the objective of launching this course is to understand the importance of AML, compliance domain.
Regtechtimes Academy offers short-term online AML courses related to Trade-Based Money Laundering. It is a video-based learning course. As per Kenya’s law, Trade-based money laundering is now becoming an emerging trend. So, to combat trade-based money laundering, the citizens of Kenya should know how to take effective measures. Additionally, this course would give an understanding of the terms of trade, the trade manipulation that takes place, the risk associated with TBML etc.
Syllabus of Certified Anti-Money Laundering Professional for AML Certification in Kenya
Following is the syllabus of Certified Anti-Money Laundering Professional for AML Certification in Kenya:
- International case studies on various banks
- Overview of International Laws
- AML/ CFT regulations laid down by FATF
- Diving deep in PEP
The brochure gives you the detailed information about the program. Thus, after completion of the program, the aspirants would get a thorough understanding of the AML, financial crimes, and compliance domain.
Eligibility Criteria for opting for the Program for AML Certification in Kenya
The aspirants who have a keen interest in the AML, compliance domain can opt for the certification program. The persons who want to take up AML, compliance domain as their career prospects. Anybody who desires to work in the core compliance field. It is also beneficial for beginners who are keen to understand Anti-Money Laundering measures, terrorist financing, fraud etc. This course applies to the person who has a role to play in anti-money laundering compliance.
CAMP Examination
Certified Anti-Money Laundering Professional Program is a tough nut to crack but by getting proper learning resources, and preparation guides one can clear the exam very easily. The aspirants register for the CAMP examination. Online exams take place. Therefore, there are no negative marking criteria. The minimum passing mark for the same is 75%.
Cost of AML Certification in Kenya
The professionals are unique. Professionals are very keen to build their career paths. However, the cost of global certifications plays a major barrier to gaining the certifications. Regtech Times Academy cost-effectively offers courses. One of the most popular programs offered by Regtech Times Academy is “The Certified Anti-Money Laundering Professional Program” which has global recognition in the market. The cost of this program is KES30,000 for an individual to complete this program. There are different discounts applied on these prices from time to time.
Prep course for AML Certification in Kenya
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams that would help the Algerian aspirants pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept payments in local currency.
