On March 3, 2017 the President of Kenya signed the Proceeds of Crime and Anti-Money Laundering (Amendment) Act into law. The new AML law will introduce tougher actions against individuals who have committed economic crime.
Failure to comply with the new AML legislation would involve fines of up to:
- KES5m (approx. US$48,700) for individuals.
- KES25m (approx. US$243,600) for legal entities.
The new provisions state that if an individual or a legal entity fails to pay a fine, an additional penalty of KES10m (approx. US$97,400) a day for a maximum of 180 days will be imposed.