Crown Bureau de Change Kenya Ltd’s, a forex bureau company has lost its trading licence.
Central Bank of Kenya (CBK) Governor Patrick Njoroge in a gazette notice dated Vol. CXXII — No. 118 8th June 2020 said Crown Bureau de Change Kenya Ltd’s licence was revoked on21st December 2019.
“It is notified for information of the general public that in exercise of the powers conferred by section 33D (I) (a) of the Central Bank of Kenya, the Central Bank of Kenya has revoked the licence of Crown Bureau De Change (Kenya) Limited with effect from the 21st December 2019.”
Authorised dealers, forex bureaus conduct business and are regulated under the provisions of the Central Bank of Kenya Act (Cap 491).
Foreign Exchange Bureaus (Forex Bureaus) were established and first licensed in January 1995 to foster competition and narrow the exchange rate spread in the spot foreign exchange market.
The Central Bank of Kenya may cancel the license of a foreign exchange bureau in cases where:
Without the written consent of the Central Bank of Kenya, the bureau fails to conduct foreign exchange transactions within six (6) months of the date of the issue of the license; The bureau is found to have ceased to conduct the operations authorized by license and if the Central Bank of Kenya establishes that the bureau conducts its operations in a manner contrary to the license terms and conditions, including failure to comply with guidelines promulgated by the Central Bank of Kenya and any other laws of Kenya.