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Kenya designates sports betting a high-risk area for money laundering

Regulation

Kenya’s government designated sports betting as a high-risk area for money laundering, according to a report on remarks by Interior Cabinet Secretary Kithure Kindiki. The government said betting winnings could be used to disguise proceeds of crime, while the Kenya Revenue Authority has connected its systems with betting companies for real-time tax monitoring. The report also says betting firms had their licences cancelled and were asked to reapply under tighter oversight.

Betting firms face increased scrutiny of licensing and transaction flows under the measures described.

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