Nairobi, Sept. 7 -- Central Bank of Kenya (CBK) kitty that holds fines paid by banks in breach of regulations swell 20 times on the back of penalties lenders paid for hiding suspicious in connection with the theft of funds at the National Youth Service (NYS).
CBK financial statements, which was released Friday, indicate that fines kitty had Sh420 million in the year to June 2019.
Penalties totalling Sh392.5 million were imposed on Standard Chartered Kenya #ticker:SCBK, Equity #ticker:EQTY, Diamond Trust #ticker:DTK, Co-operative Bank #ticker:COOP and KCB Group #ticker:KCB in September 2018 for failing to report suspicious transactions.
This means that the NYS fines accounted for 93 percent of the cash that flowed into the kitty in the ye...