Forex Bureaus

Outcome-driven compliance solutions tailored for forex bureaus in Kenya.

Sector Overview

Compliance, made fit-for-purpose

Forex Bureaus

Forex bureaus in Kenya are licensed by the Central Bank of Kenya and are reporting institutions under POCAMLA. Given their vulnerability to money laundering, robust compliance frameworks are essential.

Key Challenges We Solve

High-risk designation under FATF typologies

Cash-intensive operations and monitoring

Customer identification for walk-in clients

Cross-border currency movement tracking

How We Support

Money laundering, terrorism financing and proliferation financing (ML/TF/PF) risk assessments

AML/CFT compliance programme design

Customer identification procedures for cash transactions

Transaction monitoring and record-keeping systems

Staff training on red flags and reporting

Undertaking training on policies and procedures

CBK audit preparation and support

Outcomes

What you walk away with

Concrete, audit-ready compliance outcomes — not just paperwork.

Regulatory licensing and compliance advisory

Digital KYC framework development

AML/CFT compliance programme design

Product risk assessments for new offerings

Have a fintechs & digital paymentscompliance question?

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FAQ

Frequently Asked Questions

Common questions about Fintechs & Digital Payment Platformsin Kenya

Why are forex bureaus considered high-risk for money laundering?

Forex bureaus handle cash-intensive transactions, facilitate currency conversion, and serve walk-in customers, making them vulnerable to layering and structuring of illicit funds.

What reporting obligations do forex bureaus have?

Forex bureaus must file STRs with the Financial Reporting Centre, report cash transactions above prescribed thresholds, and maintain transaction records for at least seven years.

How should forex bureaus identify walk-in customers?

Walk-in customers must be identified using valid government-issued ID. For transactions above threshold amounts, enhanced due diligence including source of funds verification is required.

Can Complywise help forex bureaus with CBK inspections?

Yes, we provide audit preparation, mock inspections, and compliance gap assessments to ensure forex bureaus are fully prepared for CBK supervisory visits.

What compliance training do forex bureau staff need?

Corporate Social Responsibility

Regulatory Engagement

Virtual Assets Compliance

Data Protection & Compliance

Anti-Corruption & Anti-Fraud Compliance

Financial Inclusion & Innovation

AML/CFT/CPF Advisory

Forex Bureaus

Compliance, made fit-for-purpose

Key Challenges We Solve

How We Support

What you walk away with

Have a fintechs & digital paymentscompliance question?

Frequently Asked Questions

Forex bureaus handle cash-intensive transactions, facilitate currency conversion, and serve walk-in customers, making them vulnerable to layering and structuring of illicit funds.

Forex bureaus must file STRs with the Financial Reporting Centre, report cash transactions above prescribed thresholds, and maintain transaction records for at least seven years.

Walk-in customers must be identified using valid government-issued ID. For transactions above threshold amounts, enhanced due diligence including source of funds verification is required.

Yes, we provide audit preparation, mock inspections, and compliance gap assessments to ensure forex bureaus are fully prepared for CBK supervisory visits.

All staff need training on customer identification, red flag recognition, suspicious transaction reporting, and sanctions screening procedures.