The National Assembly has passed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill (National Assembly Bill No. 5 of 2025) in a bid to comply with international anti-money laundering and counter-terrorism financing standards.
In the new laws, non-governmental organisations (NGOs), SACCOs, betting firms, and mining activities have been mandated with regulatory oversight that will necessitate them to operate differently and comply with international standards.
NGOs will have to comply with the Public Benefits Regulatory Authority, which will now monitor and report NGO finances to the government. NGOs at risk of terrorism financing will have to undergo periodic reviews to prevent financial abuse.
The law now compels NGOs to increase transparency or face sanctions.
According to the new law, mining activities are now faced with stricter oversight on exports and financial flows to prevent illicit activities. Mining companies must now report suspicious transactions and ensure all financial dealings are legitimate.
All betting sites in the country have been ordered to disclose transactions that could be linked to illegal activities. The Betting Control and Licensing Board will now have to monitor betting firms for money laundering risks.
Betting customers will also need to comply with customer verification processes to prevent fraud and illicit financial flows.
According to the new law, SACCOs will have stricter financial monitoring, requiring them to report suspicious transactions and ensure their funds are not linked to illicit activities.
With the passing of the bill, the Retirement Benefits Act has been strengthened to mandate the RBA to regulate, supervise and enforce compliance of the entities under its watch for anti-money laundering, counter financing of terrorism, and counter-proliferation financing.
Accountants have also been granted more powers by the law to regulate and supervise matters relating to anti-money laundering, counter-financing of terrorism, and counter-proliferation financing.
The enactment of the law comes in the wake of Kenya trying to streamline its anti-money laundering standards with those of the Financial Action Task Force (FATF) as it seeks to strengthen oversight and enforcement across various sectors.
This is one of the numerous efforts, including international engagements, to remove Kenya from the FATF's grey list.
