CBK Governor Patrick Njoroge Addresses Banks Involvement in NYS Scandal

Central Bank of Kenya (CBK) governor Dr Patrick Njoroge on Tuesday addressed banks' involvement in the National Youth Service (NYS) scandal

Speaking during a presser, Dr Njoroge asserted that he is concerned by the reports alleging that various financial institutions have been involved in the scandal adding that the banks have since lost public trust among Kenyans. 

He affirmed that he indeed is tasked to oversee that all banks have complied with the various stipulated regulations when handling huge sums of money

"As has been reported, I am responsible to oversee the compliance of various regulations of anti-laundering money acts and various other guidelines. It is our responsibility and mandate to ensure the guidelines are implemented," Mr Njoroge exclaimed.

[caption caption="File image of CBK Governor Patrick Njoroge"][/caption]

Additionally, the governor noted that they are working together with the Director of Public Prosecutions (DPP), the DCI and all other authorities to ensure that the suspects in the scandals are brought to book. 

"All those involved in the scandals will be held accountable, we have no doubt in mind on that," Njoroge noted. 

He further directed that his team will ensure that the money laundered is recovered and all recipients prosecuted and held accountable for their acts. 

Dr Njoroge also expressed that he will ensure enough evidence is brought forward to sustain the investigations to the end.

The CBK governor assured Kenyans that the institution is working on strengthening all the required guidelines and is expected to receive a submission by all banks on the implementation of all the laid out guidelines. 

"All banks will have to submit the guidelines with the CEO's being under oath that they have been following the required regulations," he announced. 

He added that they have always offered any help to the banks and how to deal with issues when they need advice and, therefore, he wondered why banks did not approach him (CBK) when they noticed suspicious activities in the accounts. 

[caption caption="File image of CBK Governor Patrick Njoroge"][/caption]

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