. the onsite team observed that kenya had a clear commitment at both the political and technical levels to continue the development of its aml / cft regime and there was an adequate institutional framework to pursue the reforms going forward. ladies and gentlemen ; it is on the basis of the on - site visit report that the fatf concluded that kenya has established the legal and regulatory framework to address the strategic deficiencies that had been identified. in view of these positive developments, kenya was subsequently removed from the fatf ’ s monitoring process under its on - going global aml / cft compliance process. however, kenya will continue addressing and improving on its aml / cft regime under the eastern and southern africa anti - money laundering group ( esaamlg ). ladies and gentlemen : on its part, the central bank has continually enhanced the regulation and supervision of the financial system in order to improve the sector ’ s integrity. as part of our efforts in ensuring appropriate and effective oversight, the central bank first issued aml guidelines in 1996. these guidelines were revised in 2000, 2006 and bis central bankers ’ speeches subsequently overhauled in 2012 to reflect the prevailing international best practice and to align them with the proceeds of crime and anti - money laundering act, 2009 ( pocamla ). ladies and gentlemen ; in 2013, frc entered into memorandum of understanding ( mou ) with the respective domestic financial sector regulators comprising the central bank of kenya, capital markets authority, insurance regulatory authority and the retirement benefits authority. the mou provides for supervision and enforcement of pocamla by the supervisors with respect to institutions under their purview. the mou also provides for the exchange of information that is necessary to support effective anti - money laundering supervision of financial institutions. ladies and gentlemen ; money laundering and terrorism financing have far reaching implications on the credibility and stability of the financial system as well as to national security. i therefore applaud bdo and its partner 3i infotech for their pro - activeness in developing aml / cft solutions. these solutions and others in the market will facilitate financial institutions in meeting their aml / cft legal and regulatory requirements effectively and efficiently. this will in turn foster the integrity of kenya ’ s financial sector putting it in good standing globally. with those few remarks i wish you fruitful deliberations. thank you. bis central bankers ’ speeches

services. for the bsp, this starts with ensuring more filipinos have access to a transaction account – in particular, an account that they can use not only to save money, but also to directly send and receive funds to and from anyone ; in other words, an account that can be used for digital payments. this is why our financial inclusion and digital payments agenda necessarily go hand - in - hand. one is both an enabler and a requisite for the other. digital payments – that is, account to account fund transfers – make accounts a valuable and practical tool for anyone, even to those who say they do not have money to save. 1 / 3 bis central bankers'speeches a transaction account makes it easy, affordable, and convenient to pay bills, to send money to family wherever they are, pay government fees, and make online purchases. we do not have to take time off our weekends and free time just to fall in line to do these transactions. all we have to do is use our mobile phones. our vision is to have more market vendors, jeepney, and tricycle drivers accepting digital payments through qr code linked to transaction accounts. this means we do not have to always bring cash with us when we go to work or the market – thereby reducing risk of theft. for the market vendors and drivers, that means they do not have to handle cash which make them less vulnerable to counterfeits aside from theft. the benefit of using transaction accounts extends to the employers. when employers pay salaries directly to the account of their workers through pesonet, it can potentially lower administrative and overhead costs, and reduce risks associated with cash distributions during paydays. as people and businesses use digital payments, they are able to build a rich digital footprint that can be used by banks, fintechs and other lenders in evaluating and granting credit. this means people can have better and wider financing options. digital payments also underpin a whole range of innovative digital services requiring the instant transfer of funds between transactors. the use and popularity of apps like airbnb, grab and lalamove are made possible because of digital payments. clients use their account - linked digital wallet or credit card to pay the service providers - the drivers and the property and food stall owner – which helps build trust and reliability in the transactions in the app. these digital payment - supported apps are not only convenient for users but also gives wider access to business opportunities and markets to our micro entrepreneurs and high