At the recent Compliance Dialogue event hosted by Peleza, the discussions revolved around the challenges of compliance, growth, and innovation within Kenya’s dynamic financial landscape. This event served as a pivotal gathering, bringing together key industry experts and stakeholders alike. Its primary mission was to serve as a platform to unite the regulators and the regulated, with the ultimate goal of reshaping the compliance and financial services sectors across Sub-Saharan Africa.

The discussion centred on the necessity of establishing resilient systems capable of managing innovative processes in tandem with compliance requirements, emphasizing the vital role this plays in fostering thriving markets. Notable speakers and participants in the dialogue included Karen Kantai, Chief Risk Officer (CRO) at NCBA Group, Rose Mosero, Deputy Data Commissioner at The Office of Data Protection Commission, Anne Mureithi, Director of Compliance at Equity Bank (Kenya) Limited, and Irungu Waggema, Chief Officer of Strategy, Risk, and Compliance at the Nairobi Securities Exchange.

The recent amendments to the Kenyan Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Amendment Act, which include provisions covering terrorist financing, proliferation financing, and the identification of beneficial owners, alongside the introduction of more stringent penalties for money laundering, are examples of ways that collectively empower authorities to enforce compliance more effectively.

The event also explored the delicate balance between optimizing for growth and emphasizing the need for risk-based compliance. It stressed that innovation shouldn’t outpace compliance but should be pursued concurrently. Anne Mureithi, Director of Compliance at Equity Bank Kenya, highlighted the significance of sandbox frameworks in nurturing innovation to address challenges and establish sustainable systems.

“Peleza remains unwavering in its commitment to building a resilient infrastructure capable of facilitating swift and well-informed compliance decisions. With a dedicated focus on KYC, KYB, and background check solutions, Peleza is consistently adapting to meet the demands of the ecosystem”, says CEO Marita Mutemi.

As emerging businesses continue to proliferate across the country and the continent, the importance of data protection has never been more pronounced. The persistent challenge in this regard often stems from the absence of reliable trust systems. This underscores the critical role that fail-proof systems and the enforcement of robust compliance systems and regulations play in establishing a secure business environment.

The examination of technology’s role in compliance included valuable insights from Irungu Waggema, Chief Officer of Strategy, Risk, and Compliance at the Nairobi Securities Exchange. He emphasized the transformative potential of technology in compliance, highlighting its ability to enhance transparency, automate routine tasks, and improve real-time monitoring. Not only can technology streamline rules and regulations, but it can also significantly expedite processes, reduce operational costs, and mitigate risks.

Peleza used the occasion of the event to announce the significant step towards transforming KYC and KYB processes with the new dashboard launched which is a fusion of KYB, KYC & Background Checks solutions, which can all be assessed from a single dashboard.

During the event, a live demonstration of the product’s user-friendly dashboard showcased its capabilities. This innovative tool offers dedicated sections for both individuals and businesses, providing comprehensive and easily accessible solutions tailored to a wide range of needs within the region.

In alignment with the mandates of the Dora Act, Business Registration Services (BRS), and Ultimate Beneficial Owners (UBO) requirements, Peleza maintains expertise in sharing ownership information. With a deep dive into consent and privacy in compliance, Peleza’s Identity Radar was also highlighted, this comprehensive fraud detection and prevention solution boasts a user-friendly dashboard equipped with features like identifying Politically Exposed Persons (PEPs) and conducting adverse media identification.

Peleza is registered with the Office of the Data Protection Commissioner (ODPC) and operates in full compliance with the regulations. For more information on Peleza’s compliance solutions, please visit;
dashboard.peleza.com

About Peleza
Peleza’s AI-powered infrastructure offers KYC, KYB & Background Check solutions for instant and seamless Identity Verification, Background Checks, and Business Onboarding. Powering businesses of all sizes to safely hire, acquire, onboard customers, and perform transactions safely built on trust.

Peleza International is the pioneering East African venture committed solely to delivering thorough Know Your Customer (KYC), Know Your Business (KYB), and Background Check services; with operations founded on official and reliable national and international data sources, consistently observing current privacy regulations with utmost diligence.

Contact: team@peleza.com