Agency set to watch more bank clients in terror cash hunt

The Treasury has moved to boost the fight against terrorism financing by widening the scope of investigation to include most of the bank transactions. Treasury secretary, Henry Rotich has empowered the Financial Reporting Centre (FRC) to not only investigate transactions considered unusual due to their size and frequency, but also those regarded normal but suspicious.The Financial Reporting Centre (FRC) will identify terrorism financiers apart from combating laundering [...]

Limuru Tea up 20pc as split looms

Listed agricultural firm Limuru Tea share has risen nearly 20 per cent since last month’s announcement that it will be split into two from Thursday.The share traded at Sh1,135 last Friday compared to Sh950 at the time the split was made public on May 12.The share price is expected to halve once the split is effected but analysts have already said speculation could still push it up [...]

Uchumi mulls over closure of underperforming branches

Uchumi Supermarkets could shut down some of its underperforming branches resulting in job losses as it restructures its business.The re-organization is expected to turn around the struggling retailer that has fallen behind on its payments to suppliers [...]

CBK sold market Sh25bn in dollars over one month

Central Bank of Kenya has disclosed that it sold dollars worth Sh25 billion in April to support the shilling.The amount was more than five times what the lender of last resort sold to banks the previous month, underlining its determination to rein in the flagging currency [...]

CBK sets tough sign-up rules for telcos and banks

Mobile telecommunication firms and banks will be required to confirm customers’ identity card numbers with the recently launched government register before signing them up.This is part of new directives issued by the Central Bank of Kenya (CBK) in a bid to curb money laundering and financing of terrorist activities [...]

Finance Bill turns focus on pension funds

Pension schemes will be required to submit their audited accounts to the regulator within three months after the financial year ends under new rules proposed in the Finance Bill, 2015.Currently, trustees of pension schemes have six months to submit the accounts to the Retirement Benefits Authority (RBA), which makes it difficult for the regulator to respond promptly to issues [...]

Mobile cash transfer fees set for regulator caps

The Competition Authority of Kenya (CAK) has engaged a consultant to study how Safaricom, Airtel and Orange charge banks and other providers to connect to their network through USSD technology.The competition watchdog is seeking to regulate fees charged by telecommunication companies for cash transfers through mobile phones in a bid to make transaction costs more transparent.The consultant is also expected to recommend a price cap, similar to the Mobile Termination Rates (MTR) between rival telcos introduced in 2010 [...]