Enacted Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Act, 2023
11 Sep 2023
On 11 September 2023, Kenya implemented Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Act, 2023. Effective 15 September 2023, the Amendment extended beneficial ownership disclosure requirements to foreign companies in 2023. Foreign companies registering in Kenya must now provide a statement of particulars of their beneficial owners as part of the registration documentation. Foreign companies already registered in Kenya are required to file their beneficial ownership information within 60 days of the new law coming into force (by November 15, 2023). Companies can apply for a 30-day extension if needed. Foreign companies must report any changes to their beneficial ownership within 14 days after the change occurs. Foreign companies are now required to keep records of beneficial owner information for at least 10 years from the date a person ceases to be a beneficial owner. These requirements apply to foreign companies regardless of whether they are required to maintain beneficial ownership information in their country of incorporation. Failure to comply with these requirements can result in penalties. Companies and their officers may be liable to fines of up to KES 500,000 (approximately $3’860) for non-disclosure or providing misleading information.
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