The Financial Reporting Centre (FRC) has directed licensed dealers in precious metals and stones to register with the centre to ensure compliance with the Proceeds of Crime and Anti-Money Laundering Act, 2009 (POCAMLA).
In a statement shared by the State Department for Mining on its official X account, FRC Director General Saitoti Maika stated that dealers are required to register with the centre by 11 April 2025.
According to Maika, registration should be completed online through the goAML platform.
"Dealers in precious metals and dealers in precious stones (DPMS) are reporting institutions under Section 2 of the POCAMLA and are required to register with the Centre under Section 47A of POCAMLA and therefore subject to AML/CFT/CPF supervision as prescribed under the POCAMLA," the statement read.
The Centre's principal objective is to assist in the identification of proceeds of crime and the combating of money laundering and proliferation financing.
According to Maika, the directive will apply to individuals involved in the production of precious metals or stones at mining operations, intermediate buyers and brokers, precious stone cutters and polishers, metal refiners, jewellery manufacturers, retail sellers to the public, and buyers and sellers in the secondary and scrap markets.
"Guidelines on registration and further information can be accessed on the Centre's website www.frc.go.ke. In case of any challenges or queries regarding registration, contact the Centre through the Helpdesk on 0709 858 311 or compliance@frc.go.ke," it added.
Dealers will be required to attach several documents, including a duly filled Form FRC RF 1-1, which is available on the FRC website, a certified copy of a Certificate of Incorporation, a Kenya Revenue Authority (KRA) PIN, and the organisation’s CR12 form.
Other required documents include a licence from the State Department of Mining (Regulator's licence), a group structure (where the institution has links to or is part of a group of companies), and an organisation structure clearly showing the position of the MLRO.
Additionally, dealers must provide details of ultimate beneficial owners, i.e., natural persons, passport copies in the case of any foreign directors, shareholders, or beneficial owners, and a duly filled DPMS Statistical Questionnaire.
The FRC has warned that necessary action will be taken against any dealer who fails to register.
"TAKE NOTE that failure to register with the FRC constitutes an offence pursuant to Section 47A (5) of POCAMLA, and the Centre will proceed to take necessary action," it stated.
