Banks under probe over link to ‘dirty money’

What you need to know:

  • The investigation came in the wake of high profile corruption cases which show that senior bank managers could be working in cahoots with corrupt elements to hide looted money.
  • “Banks do their due diligence in reporting suspicious transactions to the Financial Reporting Centre. Banks have also sanctioned any of their employees found culpable in abetting financial crimes. But still these are isolated cases,” said Mr Olaka.

A string of high profile investigations linking several commercial banks to alleged corruption and tax evasion syndicates has put lenders in a tight spot yet again.


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