Strategies Applied to Commercial Banks in Kenya in Anti-money Laundering Compliance Programs

Abstract

Money laundering has become a global problem and is generally associated with criminal activities,which include the financing of terrorism,drug trafficking and other related crimes. Money laundering may also result to instabilities to economies if experienced on a large scale.It is in the light of these negative consequences of money laundering that there has been pressure for the implementation of Anti-Money laundering regulation globally with the aim of managing its effects. Kenya,being part of the global villages faces similar threats from Money laundering activities and is therefore required to comply with global efforts of combating and preventing money laundering.As response,central bank of Kenya has put in place money laundering regulation to govern the activities of commercial banks in an effort to comply with global Anti Money Laundering Regulations.....................