Introduction
Know Your Customer (KYC) doesn’t stop at collecting ID numbers. Regulators now require financial institutions to identify beneficial owners—the natural persons who ultimately own or control a customer. SACCOs and forex bureaus are increasingly under scrutiny in this area.

Why Beneficial Ownership Transparency Is Critical

• Prevention of Money Laundering: Anonymous ownership structures are often exploited to hide illicit wealth.
• Regulatory Requirements: The Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) now mandates disclosure.
• Global Pressure: Kenya is expected to align with FATF’s global standards, requiring improved transparency.

Common Challenges

• Layered ownership structures
• Incomplete documentation
• Lack of staff training

How FinSafe Supports Compliance
We conduct beneficial ownership assessments, help streamline documentation practices, and train your staff to conduct enhanced due diligence. SACCOs and forex bureaus don’t need to be caught unprepared.