NAIROBI, Kenya – Dealers in precious metals and stones across Kenya have been given until April 11, 2025, to register with the Financial Reporting Centre (FRC) or risk losing their trading licenses.
The directive is part of a broader government effort to tighten anti-money laundering (AML) controls in sectors flagged as high-risk for illicit financial flows.
Kenya’s precious metals and stones industry has come under increased scrutiny since the country was placed on the Financial Action Task Force (FATF) grey list in February 2024 due to shortcomings in combating money laundering, terrorism financing, and illegal arms trade.
FRC Director-General Saitoti Maika said the order applies to all players in the value chain, including miners, brokers, polishers, refiners, jewellers, and scrap metal dealers.
“Our goal is to identify proceeds of crime and stop the financing of illegal activities,” he said.
To support compliance, the FRC has launched an online registration system through its anti-money laundering portal.
However, several dealers in Mwatunge, Taita Taveta County have raised concerns about the process, citing limited knowledge of the requirements.
The registration push comes amid heightened oversight of Kenya’s financial sector, with international transactions involving local banks now under stricter watch.
Stakeholders have been urged to act swiftly to avoid disruptions to their businesses.
