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Five banks pay sh.385 million for administrative lapses in internal money laundering control

5th March, 2020

Five banks have paid 385 million shillings for administrative lapses in internal anti money laundering controls in the NYS 2 saga.  KCB, equity, co?operative bank, standard chartered bank, and diamond trust bank have paid the money into the prosecution fund. It was paid as part of a deferred prosecution agreement between the banks and the office of the DPP. The agreement which is provided for in the constitution is reached between the prosecution and a corporate organization that would otherwise be prosecuted for a corporate offense.? These were part of the revelations made today in a press briefing held by the DPP and DCI this morning.