This archive report was first published on 17 August 2019.
On August 16, 2019, the Central Bank of Kenya (CBK) issued a warning to Kenyans about the risks of dealing with unlicensed and unregulated online foreign exchange dealers and platforms.
According to the CBK, these fraudulent forex bureaus often claim to offer the best deals in the market but lack essential anti-money laundering and consumer protection safeguards.
Moreover, they fail to obtain the necessary licenses from the CBK or the Capital Markets Authority (CMA).
CBK advises the public to only deal with genuine and licensed financial institutions and entities, which can be verified on the CBK website (www.centralbank.go.ke) or the CMA website (www.cma.or.ke).
For any complaints regarding unlicensed forex dealers, the public can forward them to the CBK's Banking Fraud Investigations Unit.
CBK told Kenyans to only deal with genuine and licensed financial institutions and entities.
