Money Remittance Provider (MRP) Licensing Compliance Checklist – Kenya This tracker is designed for Money Remittance Providers seeking a CBK license. It allows assignment of responsibilities, setting deadlines, and monitoring compliance progress.
1. Corporate Setup Task Responsible Person Deadline Status ( ☐ / ✔ ) Name approval with CBK & BRS ☐ Incorporate a Kenyan limited liability company ☐ Prepare Memorandum & Articles of Association (specify remittance/payment services as object) ☐ Register for KRA PIN & tax obligations ☐ Open local bank account(s) ☐
2. Central Bank of Kenya (CBK) – MRP Licence Task Responsible Person Deadline Status ( ☐ / ✔ ) Complete CBK-MRP Application Form ☐ Submit Board resolution authorizing application ☐ Provide Certificate of Incorporation (Kenya) ☐ Directors’/Senior Officers’ CVs, IDs, police clearance ☐ Shareholding & Ultimate Beneficial Ownership (UBO) details ☐ Audited financial statements or capital adequacy proof ☐ Business plan (services, target market, risk management, transaction flow) ☐ ICT/System description & independent assurance report ☐ Customer onboarding & KYC procedures ☐ Consumer complaint handling procedure ☐ Policies (AML, Data Protection, Risk, Consumer, Governance) ☐ Agreements with banks, mobile money operators, and other remittance partners ☐ Pay application fee (KES 50,000 – indicative) ☐ Pay licence fee upon approval (KES 250,000 – indicative) ☐
3. Office of the Data Protection Commissioner (ODPC) Task Responsible Person Deadline Status ( ☐ / ✔ ) Register as Data Controller & Processor ☐ Data Protection & Privacy Policy ☐ Retention & Disposal Policy ☐ Cross-border Data Transfer Policy ☐ Privacy Notices for customers ☐ Data Protection Impact Assessment (DPIA) ☐ Appoint Data Protection Officer (DPO) ☐
4. Financial Reporting Centre (FRC) – AML/CFT Task Responsible Person Deadline Status ( ☐ / ✔ ) AML/CFT Policy & Procedures ☐ KYC/CDD Policy ☐ Sanctions screening procedure ☐ STR/CTR reporting procedure ☐ AML/CFT Risk Assessment ☐ Record-keeping (≥7 years) ☐ AML Training for staff ☐ Register on goAML portal, file STRs/CTRs ☐
5. Agreements & Network Integrations Task Responsible Person Deadline Status ( ☐ / ✔ ) Agreements with partner banks ☐ Integration with mobile money operators (e.g., M-Pesa, Airtel Money) ☐ Remittance network agreements (e.g., Western Union, MoneyGram) ☐ API/system integration & testing with partners ☐
6. Ongoing CBK Compliance Task Responsible Person Deadline Status ( ☐ / ✔ ) Pay annual licence renewal fee ☐ File annual returns & quarterly CBK reports ☐ Maintain complaints & dispute resolution register ☐ Keep Board committees & policies updated ☐
7. Key Policies Required Policy Responsible Person Deadline Status ( ☐ / ✔ ) AML/CFT Policy ☐ Data Protection & Privacy Policy ☐ Information Security Policy ☐ Consumer Protection & Disclosure Policy ☐ Risk Management Policy ☐ Complaints & Redress Mechanism ☐ Corporate Governance Policy ☐ Outsourcing/Third-Party Risk Policy ☐
8. Typical Licensing Timeline Step Deadline Status ( ☐ / ✔ ) Week 1–2: Name approval, Incorporation, KRA PIN ☐ Week 3–5: Draft policies, ODPC registration ☐ Week 6–8: Submit CBK application + ICT assurance ☐ Week 9–12: CBK review + system/API testing ☐ Week 12+: Licence approval ☐
