London-based FinTech firm SimbaPay has been accused of money laundering by the Banking Fraud Investigation Unit (BFIU).
This application is premised on the grounds that:
THAT, the applicant is undertalzing investigations relating to offences of Money Laundering contrary to section 3(a)(1) as read with section 16(1) of the Proceeds of Crime and Anti-Money Laundering Act and Illegaly transacting international money transfer business contrary to section 33A (1) of the Central Bank. of Kenya Act.
In the same court filing at the Chief Magistrate court in Nairobi, case number E455 of 2021. The BFIU the applicant has filed cases against three bank, Dubai Islamic Bank, Equity Bank and Family Bank, asking the court to issue a warrant of investigation of Simba Pay accounts held in those banks.
“THAT, this honorable court be pleased to issue an order compelling the CEOs of Dubai Islamic Bank Kenya Limited, Equity Bank Kenya Limited and Family Bank, Kenya Limited nominate authorized person(s) to make and give No 99457 PC Peter Thuo, a police officer and an investigator with the Directorate of Criminal investigations – Banking Fraud Investigation Unit, a certificate of production of electronic evidence (certified copies) generated electronically or from and by electronic device(s) that shall be given in compliance with orders of this honorable court”
BFIU says these documents will go a long way in helping it unravel how Simba Pay stopped its registration as a money transfer service provider with CBK only to register in London with the Financial Conduct Authority and come back to transact in the country illegally.
Though the FinTech firm has partnered with various local banks, the major issue under investigation is money laundering.
Documents.
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