Absa Kenya Gets Green Light to Resume Forex Trading

Absa Bank Kenya PLC reported KES.8.2Bn in Profit After Tax (PAT) Q3 2021, 328.3% growth compared to KES.2Bn Q3 2020 driven mainly by 23% decline in total operating expenses to KES.15.4Bn caused by 55.2% drop in loan loss provision to KES.3.4Bn.

ABSA KENYA Nairobi Office

The Central bank has reinstated Absa Bank Kenya’s foreign exchange trading license after it was penalized for failing to observe anti-money-laundering rules on some trades.

In a statement Thursday, the lender said following discussions with the regulator they have resolved the concerns.

“We have worked through their (CBK) concerns and are pleased to inform our customers and stakeholders that, effective Thursday, 16 April 2020,” said Absa Kenya.

The central bank said it took action over forex trades the bank had undertaken in March.

Unfortunately, it failed “did not have satisfactory assurance of the underlying commercial transactions supporting these trades as is required, nor did the bank ensure the standard checks on anti-money laundering and combating financial terrorism.”

As a result, Absa Kenya was required by April 15 to put in place a robust framework that ensures all relevant documents for such foreign exchange transactions are available as required.

In its Thursday statement, Absa Kenya maintains that it is, “Committed to being a constructive participant in Kenya’s financial markets for the benefit of all our customers and stakeholders.”

In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

Leave a comment
scroll to top