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Financials

Regulator punishes Absa Bank Kenya over anti-money laundering rule lapses

NAIROBI, April 9 (Reuters) - Kenya’s central bank has ordered Absa Bank Kenya to stop foreign exchange dealing between April 9 and April 15 for failing to observe anti-money laundering rules on some trades, the regulator said.

The central bank said it took action over some foreign exchange trades Absa Bank carried out in March, and said Absa also failed to satisfactorily make “know your customer checks” in the trades.

“Absa Kenya is required to ... reverse the market positions that were created as a result of the flagged transactions,” the central bank said in a statement. (Reporting by George Obulutsa; Editing by Jon Boyle)

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