Central Bank of Kenya (CBK) Governor Patrick Njoroge revoked two Forex bureaus for failure to comply with statutory regulations.
In a gazette notice, Dr. Njoroge affirmed that the two companies;
WANATI FOREX BUREAU LIMITED
LOKI FOREX BUREAU LIMITED
have their licences revoked as per the powers vested in the Governor
“It is notified for the information of the general public the in exercise of the powers conferred by section 33D (1) of the Central Bank of Kenya Act, and regulation 6 (2) of the Central Bank of Kenya (Foreign Exchange Business) Regulations, 2007, the Central Bank of Kenya revokes the licences.”
Section 33D(1) explains that CBK can revoke a licence of an authorized dealer when they;
(a) ceases to carry on business in Kenya or goes into liquidation or is wound up, or is otherwise dissolved; or
(b) fails to comply with the provisions of this Act or any condition attached to a licence.
Prior to revoking the licence the Bank is required to give an authorized dealer not less than fourteen days’ notice in writing before making the final decision.