One of the major operational challenges for banking in kenya locally is KYC compliance in Kenya, which means Know Your Customer compliance. Several data base solutions have been relied upon to give the results in KYC compliance in Kenya and worldwide. These data bases provide legal backups and reliable reputational risk reduction measure. Information is shared from most financial institutions. [ Read More ]
Archive for the ‘Fraud’ Category
Cheques are used often by many people who do not know how to prevent fraud and forgeries in Kenya. The fraudsters have a field day where the drawer draws a cheque incorrectly. It is imperative that the writer of the cheque know how to write out the instructions. All cheques are pre-printed crossed with the words “A/C Payee” or Account [ Read More ]
Fraud is the intentional making of a misrepresentation with the intent to deceive by one or more persons. This people may be within or without the organisation causing actual or potential loss. Banking in Kenya can be a very risky business like in many other parts of the world. Fraud may be corruption, theft, misuse of funds, insider trading, tax [ Read More ]
Liability shift will not affect customers directly but more the issuers and acquirers. Liability shift is being driven by EMV, which means euro, MasterCard and Visa. These have come together and have found a way to minimize reasons why fraud is committed in the card industry. Meaning of liability shift Liability shift is a way for card associations to reduce [ Read More ]
Banking in Kenya and Financial institutions have practised Anti-money laundering in Kenya as part of the rules in their operations. It was only after the increased terrorist activities and organised crime that the world became most alert. The world realised that terrorists and organised crime groups were using financial institutions to clean their dirty money and make it look legitimate. [ Read More ]
