Kenyan Central Bank Fines Five Banks Over Suspect Transactions

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Kenya’s central bank fined five top commercial banks on Wednesday for failing to report suspicious transactions in connection with the theft of funds at the National Youth Service (NYS), a state agency.

Penalties totalling 392.5 million shillings ($3.89 million) were imposed on Standard Chartered Kenya, Equity, Diamond Trust, Co-operative Bank and KCB Group, the central bank said.

Dozens of senior government officials and business people were charged in May with various crimes related to the theft of nearly $100 million from the NYS marking a new effort to crack down on widespread corruption.

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