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Power to monitor brokers with lavish lifestyles
Rank: Elder Joined: 9/12/2006 Posts: 1,554
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CMA seeks power to monitor brokers with lavish lifestyles..... The capital markets regulator has drafted new anti-money laundering guidelines that if passed into law will require stockbrokers, investment banks and other licensees to report suspicious transactions and monitor employees’ lifestyles. http://www.businessdaily...8/-/vtupcg/-/index.html
Very interesting...
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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It will rily tricky the CMA act has so many loopholes,major ammendments have to be made... possunt quia posse videntur
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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It wont work, this is Kenya bwana. And with the new constitution, if you try this out, Mutunga will have its hands full with litigations on infringing on peoples rights Thieves
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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it will be interesting to see how the act will drafted bearing in mind that chapter 6 has been mutilated. It will not be a walk in the park.
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Rank: Hello Joined: 8/17/2012 Posts: 9
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its a good start but they have along way to go. Daring ideas are like chessmen moved forward. They may be beaten, but they may start a winning game.
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Seems like owners of brokerage firms have been left out on this... it doesnt touch them
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Rank: Member Joined: 8/4/2012 Posts: 155 Location: Kenya
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Jamani wrote:CMA seeks power to monitor brokers with lavish lifestyles..... The capital markets regulator has drafted new anti-money laundering guidelines that if passed into law will require stockbrokers, investment banks and other licensees to report suspicious transactions and monitor employees’ lifestyles. http://www.businessdaily...8/-/vtupcg/-/index.html
Very interesting... Will they require the employees to declare their wealth as in the civil service since one may have other assets bringing in income not just their salaries? If you don't want to go to plan B have a good plan A.
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Its open for one month debate (i think) and most of the sentiments should be captured within the discussions and ratified, wealth declaration will be part of the discussion.
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Power to monitor brokers with lavish lifestyles
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