Dealers in precious metals given until April 11 to register with Financial Reporting Centre
Kenya was placed on the Financial Action Task Force’s (FATF) grey list in February last year due to weaknesses in combating money laundering, terrorism financing, and illicit arms trade.
Dealers in precious metals and stones in Kenya have been warned to register with the Financial Reporting Centre (FRC) by April 11, 2025, or risk losing their trading licenses.
The move is part of the country’s broader efforts to combat money laundering and other financial crimes, with the sector identified as a high-risk area for illicit financial flows.
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Kenya was placed on the Financial Action Task Force’s (FATF) grey list in February last year due to weaknesses in combating money laundering, terrorism financing, and illicit arms trade. As a result, the country’s financial sector has faced increased scrutiny, including stricter monitoring of international transactions involving local banks.
With the deadline fast approaching, many dealers in Mwatunge, Taita Taveta County, have expressed concern about the registration process, with some admitting they have limited knowledge of the requirements.
To facilitate the registration, the FRC has set up an online platform through the anti-money laundering system, ensuring a streamlined process for compliance.
FRC Director-General Saitoti Maika explained that the centre’s primary goal is to help identify the proceeds of crime and fight money laundering and the financing of illegal activities.
“The directive will apply to individuals involved in the production of precious metals or stones at mining operations, intermediate buyers and brokers, precious stone cutters and polishers, metal refiners, jewellery manufacturers, retail sellers to the public, and buyers and sellers in the secondary and scrap markets,” Maika said.
Dealers have now been urged to act promptly to avoid disruptions to their businesses.
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