AML Policy
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Anti-Money Laundering Statement
Thamani SACCO Society Ltd is committed to the highest standards of financial integrity. We maintain a zero-tolerance policy towards money laundering and the financing of terrorism, ensuring our institution remains a safe haven for our members' hard-earned savings.
1. Know Your Customer (KYC)
- In accordance with Central Bank of Kenya and SASRA guidelines, Thamani SACCO requires positive identification for all members.
- We verify the identity of every applicant using government-issued documents (National ID or Passport) and KRA PIN certificates.
- For corporate or group accounts, we perform due diligence on ultimate beneficial owners to ensure transparency.
2. Monitoring & Reporting
- While our website is used for membership applications, all subsequent financial transactions are monitored for unusual patterns.
- Thamani SACCO is legally obligated to report any suspicious transactions to the Financial Reporting Centre (FRC) of Kenya.
- We maintain records of all member transactions for a minimum of seven (7) years as required by law.
3. Prohibited Activities
- Thamani SACCO strictly prohibits the use of its products or services for money laundering, terrorist financing, or any other criminal activity.
- We do not maintain anonymous accounts or accounts in fictitious names.
- The SACCO reserves the right to decline membership or freeze accounts where the source of funds is unverifiable or suspicious.
4. Legal Framework
- Our AML policy is guided by the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA), 2009.
- We comply with the Prevention of Terrorism Act (POTA), 2012, and various SASRA regulatory circulars.
- All staff and board members undergo regular training to identify and mitigate financial crime risks.
Regulatory Reporting
As a licensed deposit-taking SACCO, we operate under the strict oversight of the Sacco Societies Regulatory Authority (SASRA). Our compliance framework is designed to protect the SACCO from being used as a channel for illicit funds.
POCAMLA CompliantSASRA RegulatedFRC Registered
