NAIROBI, KENYA: Family Bank has agreed to pay Sh64.5 million for its role in the Sh1.6 billion National Youth Service money laundering case.

The bank and the Office of the Director of Public Prosecution have entered a plea bargain agreement in court in the Sh .6 billion NYS money laundering case.

Appearing before Milimani Chief Magistrate’s court, Senior Assistant Director of Public Prosecutions (DPP) Daniel Karuri said the bank is pleading guilty freely and voluntarily.

“The accused person knowingly, voluntarily, and truthfully admits to enter into this plea bargain and is pleading guilty freely,” reads the agreement.

The bank through Head of Security John Muchiri is expected to plead guilty to six counts of failure to report transactions made by NYS suspects who include Josephine Kabura.

According to the documents filed in court, the bank is expected to pay Sh64,500,000 as court fine for the six counts and should be dispersed as follows.

Of the amount, Sh24,500,000 will be deposited into an account of NYS and the balance of Sh40million shall be deposited as court fine.

"If the accused person-The bank fails to comply with the terms and conditions set forth in the plea agreement, the state may fully prosecute the accused on all criminal charges that can be brought against it," reads part of the agreement.

The agreement is dated December 11 this year and signed by Secretary Public Prosecutions Dorcas Oduor.

The bank had been accused that on December 22, 2014 and May 19, 2015, the accused being a reporting institution failed to comply with its reporting obligations by failing to report unusual transactions.

The bank had approached DPP three times seeking out of court settlement.