Technology can curb money laundering - Infrasoft expert.

Kenyan banks have been urged to employ latest technology to fight money laundering.

Speaking ahead of an Anti-money laundering conference scheduled for Thursday in Nairobi, Infrasoft Technologies Limited Managing Director, Hanuman Tripathi said human labour alone cannot detect the many often-veiled suspicious transactions in banks.

Over 70 bank officials in Kenya will participate at the conference to discuss the latest anti-money laundering technologies to employ in curbing the vice as well as share experiences and expertise.

Money laundering is a process in which the origin of funds generated by illegal means such as drug trafficking, gun smuggling, terrorism and corruption is concealed.

“Adoption of global processes, rules, regulations and technology towards Prevention of Money Laundering will integrate Kenya with the global trade faster, will improve Kenya’s rating as a low risk country and will foster more attractive trade and investment opportunities for the country,” he said.

The story at a glance

-The regulation to curb money laundering is as old as late 70s in most developed countries.

-The International Monetary Fund puts the aggregate size of money laundering in the world between $725 billion (Sh56.5 trillion) and $1.8 trillion (Sh140.4 trillion).

-The fraud is effected by passing the proceedings secretly through legitimate business channels by means of bank deposits, investments, or transfers from one place (or person) to another.

-Under the new law, those found guilty of the offence of money laundering will serve a jail term not exceeding seven years, or a fine not exceeding Sh2.5 million, or both.

Written by James Ratemo