CBK cancels licences of four forex bureaus

The Central Bank of Kenya (CBK) has revoked licences of four foreign exchange bureaus as tough regulation and increased capital requirements drive some players out of business. CBK announced on Friday it had cancelled the licences of Overseas Forex Bureau, Blue Nile, Alok and Amazon. The bank has tightened regulation the industry by raising the threshold of reporting requirements to check cases of money laundering while also increasing minimum capital levels to improve financial strength… Ream More

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