Central Bank of Kenya condemned 5 banks in the East African country for the processing of money transfers filed from the National Youth Service (NYS).
Kenyan court
Banks are fined between 200,000 dollars and 1.5 million dollars for their scandal's role, Central Bank Governor Patrick Njoroge, said in a statement . The five banks are Kenya Commercial Bank (KCB), Standard Chartered Bank (SCB), Cooperative Bank, Diamond Trust Bank (DTB) and Equity Bank.
“The investigations prioritised the banks that handled largest volumes of cash following serious concerns that came to light in May related to the channelling of the NYS funds,” said Njoroge. He noted others that handled smaller volumes were still under probe.
According to the apex bank, the five institutions have made some violations that fail to report major cash transactions and fail to take care of adequate customer care. Others lack the support of documentation for large transactions and lapse reporting of suspicious transactions in the financial reporting center. Kenya has lost 90 million dollars through the NYS scandal, one of the largest frauds in a government institution, and many suspects charged in court for crime.
(Xinhua/NAN)
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