Betting Firms Told to Report Transactions Above Ksh 1 Million to BCLB

All betting firms will have to report all the transactions made above 1 million shillings to the Betting Control and Licensing Board (BCLB)to help reduce money laundering in Kenya.

The Government has issued the new directive stating that betting firms are among the conduits used to launder and transact illegal money by some corrupt individuals and cartels.

People who acquire money illegally can use betting accounts to keep or hide their cash and pretend to use them in small fractions while placing their stakes.

Money laundering individuals had taken advantage of the huge revenues that betting firms were making thus using them to hide huge sums of money in the pretence of placing bets.

Betting firms will now be required to report any account that deposits large sums of money at a go or those that exhibit suspicious transaction activities especially over a short period of time.

Other than betting firms, other non-financial institutions have also been put on the Central Bank of Kenya’s radar as war on illicit money laundering continues.

Lands and real estate agencies, Casinos, Clubs and Car selling agencies are supposed to report all transactions to the Financial Reporting Centre which was formed by suspended Treasury CS Henry Rotich.

“It’s for the benefit of the country so that those who are getting money from the wrong channels are not free to do anything they want. There has to be some form of controls and traceability,” said Mr Charles Munyori, Secretary-General of the Kenya Auto Bazaars Association.

Other vehicles targeted as fight against money laundering activities in Kenya continues include, mineral dealers, hotel and restaurants, fund managers and forex bureaus.

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