This archive report was first published on 21 June 2020.
On June 8, 2020, Central Bank of Kenya Governor Patrick Njoroge announced the revocation of Crown Bureau De Change Kenya Ltd’s forex licence, effective December 21, 2019.
The move comes after Governor Njoroge warned Kenyans last year about mushrooming online foreign exchange dealers and platforms in the country.
According to the Central Bank, a bureau may be deregistered if it fails to conduct foreign exchange transactions within six months of the date of the issue of the licence or for breach of the terms of its licence.
“We urge members of the public to confirm the licensing status of forex dealers from CBK website before engaging with the dealers, as they risk being defrauded and losing money,” reads a statement from CBK’s Banking Fraud Investigations Department.
The Central Bank has listed several characteristics of unlicensed dealers and platforms, including purporting to offer best forex deals in the market, collecting and receiving funds from customers without requisite licences, and inadequate anti-money laundering and consumer protection safeguards.
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