The Financial Intelligence Centre (FIC) has recorded an increase of suspicious transaction reports for the financial year ending 2022, valued at K 5.9 billion .
In the report, the centre received 5, 745 reports as compared to 2, 577 reports recorded in the 2021 report.
It has been revealed that the suspicious reports received in 2O22 were mostly on suspicion of large or unusual cash deposits and withdrawals, large inward and outward remittances, activity inconsistent with customer profile and unusually large foreign currency transactions.
In value terms, the centre recieved a reduction from K 6.5 billion in 2021 as compared to K 5. 9 received in 2022.
Among the entities that submitted the suspicious transactions include banks, casinos, motor vehicle dealers and bureaus among others.
By Darius Choonya