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.
CBK advised Kenyans to only deal with genuine and licensed financial institutions and entities, emphasizing the importance of verifying the genuineness of these entities before engaging in any transactions.
According to CBK, fraudulent forex bureaus often purport to offer the best deals in the market but lack anti-money laundering and consumer protection safeguards.
These unlicensed dealers also fail to obtain the requisite licenses from CBK or the Capital Markets Authority (CMA).
CBK has urged the public to confirm the genuineness of forex dealers by visiting 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.
Confirm the licensing status of forex dealers from the CBK website on https://t.co/PV5VavvoeK and/or CMA website on https://t.co/JPs6Yii5W8 pic.twitter.com/qnSkRe6UYc — Central Bank of Kenya (@CBKKenya) August 16, 2019
