Family Bank fined KSh 64.5 million after pleading guilty in NYS scandal - 3 weeks ago, 20:04
- Family bank has been fined KSh 64.5 million with regards to NYS corruption scandal
- The bank was accused of failing to report unusual transaction by the institution
- Of the amount KSh 24.5 million will be given back to NYS
- The remaining amount will deposited as court fines
Family Bank has entered into plea bargain agreement with the Director of Public Prosecution (DPP) where it pleaded guilty to failing to report suspicious transactions.
The bank was fined KSh 64.5 million for its role in the KSh1.6 billion National Youth Service (NYS) money laundering saga.
According to tweet shared by the DPP, on Tuesday, January 22, the deal was to cushion the bank from prosecution on criminal charges.
From the fine, KSh 24.5 million will be given back to NYS and if the bank failed honour the plea, it’s properties will be auctioned.
The remaining amount of ...
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