KCB has responded to a report finding that it was used as a conduit for ill-acquired wealth from South Sudan during its war.
In a terse statement to newsrooms on Tuesday, the bank says it has taken note “of the recently published report by The Sentry on South Sudan and the media reports around this issue that make reference to the Bank”.
“We advise that KCB being a regulated entity deploys global standards applicable to Anti- Money Laundering guidelines and Know-Your-Customer requirements provided by the regulators in all the countries of our operations,” the statement said.
It added that: “KCB South Sudan continues to work closely with the Government of South Sudan and the Bank of South Sudan with regards to resolutions on UN Security Council Sanction List 2206. The Bank remains committed to safeguarding the confidentiality of customer information as required in the respective banking laws across our markets.”
From the report, documents show that $3.03 million moved through Gen Reuben Riak’s personal bank account between January 2012 and early 2016.
The US dollar-denominated account at the Kenya Commercial Bank (KCB) show transactions recorded includes more than $700,000 in cash deposits. There were also large payments from several international construction companies operating in South Sudan.
Over this four-year period, $1.16 million in cash was withdrawn from the account.
The South Sudanese leaders are in the spotlight over how they benefitted from the unrest in their country. The report ‘War Crimes Shouldn’t Pay’ was commissioned by actor George Clooney and John Prendergast, The Sentry’s co-founders.