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In February, the country’s year-on-year inflation had risen to 6.37 percent compared to 5.78 percent registered January mainly due to an increase in the prices of several food items/FILE

Finance

CBK warns against unlicensed forex dealers

CBK said it had noticed the existence of fraudsters in the sector where Kenyans risk being conned/FILE

NAIROBI, Kenya, Aug 16- Central Bank of Kenya (CBK) has warned Kenyans against dealing with unlicensed and unregulated online forex dealers.

In a statement, CBK said it had noticed the existence of fraudsters in the sector where Kenyans risk being conned.

“The attention of CBK has been drawn to the unlicensed and unregulated online forex dealers and platforms that put Kenyans at risk of losing their money,” said CBK.

The bank further advised Citizens to check the licensing status of forex dealers from the CBK websites to confirm authenticity.

According to CBK, some of the characteristics of these dealers and platforms include, purporting to offer the best forex deals in the market, lack requisite licenses issued by CBK or CMA (Capital Markets Authority), inadequate anti-money laundering and consumer protection safeguards.

“The platforms are downloadable on Google Play and Apple App store, and aggressively market themselves through social media and mass emails,” CBK further stated.

The bank official has encouraged any victims to report through the Banking Fraud Investigations Unit.

In October 2018, the Capital Markets Authority asked Kenyans to watch out for the same.

CMA Chief Executive Paul Muthaura said he observed several individuals and entities carrying on or purporting to carry on the business of an online foreign exchange broker or a money manager without the relevant license by the Authority.

“The Capital Markets Authority (CMA) has issued only one license to EGM Securities Limited) to operate as a Non – Dealing Online Foreign Exchange Broker,” Muthaura said in a statement.

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CMA said it planned to take appropriate action against any persons illegally conducting online foreign exchange trade.

 

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