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Originally published byThe Standard BusinessSeptember 15, 2026
3w ago
CBK moves to ban shell banks in fresh money laundering crackdown
CBK has proposed a sweeping ban on shell banks, closing a regulatory loophole that officials say has allowed paper-only entities to facilitate money laundering and terrorism financing...
✨ Key Highlights
The Central Bank of Kenya (CBK) is proposing a ban on shell banks, which are paper-only entities suspected of facilitating money laundering and terrorism financing.
- The CBK will no longer license shell banks.
- The Central Bank of Kenya is the key organization involved.
- This move is part of a fresh crackdown on illicit financial activities within the country.
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