Kenya Drafting Law to Require Customer Due Diligence Among Traders
Kenya is drafting a “Know Your Customer” bill to curb illegal trade and bring transparency to the country’s shipping industry through increased customer due-diligence requirements, according to a March 20 report from the Hong Kong Trade Development Council. The law,…
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which was in response to the country’s illegal freight trade, will require importers and exporters to “identify the individuals or companies sending or receiving shipments from around the world” with the hope that increased due diligence will help curb money laundering, the report said. Know Your Customer-type laws are active in “many developed nations,” the report said, but Kenya would be the first African country to adopt such a measure.