KCB Group Disputes Claims Of Money Laundering

The KCB Group has disputed claims doing rounds of social media of it taking part in money laundering activities, terming them false, malicious, and aimed at tainting the name of the lender.

“The Board has taken note of the ongoing unwarranted negative and malicious publicity on social media which started on Monday, alleging the Bank’s involvement in money laundering schemes,” Said KCB Group Chair Mr. Andrew Wambari Kairu in a statement to the media.

Mr. Wambari said that the matter has been investigated and the alleged transactions have been confirmed as false. He assured customers that the Board is continuing to investigate the matter to its conclusion and to identify the perpetrators of these false and malicious allegations.

“The Board has the full confidence in the Leadership Team, the Group CEO and MD as well as the Bank’s processes. The reputation of this institution and our commitment to the rule of law is something that the Board and the Senior Management will jealously guard. As an organization, we reserve the right to pursue the authors of these fictitious claims through legal means,” he added.

The bank says it is committed to ensuring that the customers get all the support they need especially at the time they are battling the economic impact brought about by the Covid-19 pandemic.

“As a highly regulated entity, KCB adheres to all the relevant local and international banking regulations with strict adherence to Prudential and Anti Money Laundering Laws issued by the Central Bank of Kenya. Further, we are continuously monitoring all transactions and reporting suspicious ones to the Financial Reporting Centre as per the
reporting guidelines.

I, therefore, ask all staff to remain steadfast, observe the set guidelines regarding customer confidentiality, and adhere to all banking regulations. Severe disciplinary action will be taken against any staff found to be flouting any of the aforementioned policies,” said the Chair.