The Proceeds of Crime and Anti-Money Laundering (Amendment) Act, 2017 provides at section 44(2) that:
“……… a reporting institution shall report the suspicious or unusual transaction or activity to the Centre in the prescribed form immediately and, in any event, within seven days of the date the transaction or activity that is considered to be suspicious occurred……”
The Law is pretty clear that such suspicious funds shall be handled by Asset Recovery Agency (ARA) and Financial Reporting Centre (FRC) because Kenya (being strategically placed as the business HUB in Africa) does not condone Money Laundering, FRAUD and Criminal related activities. TAKE NOTE.