Banks surrender Sh1bn unclaimed assets ahead of probe
Unclaimed Financial Assets Authority Chief Executive Ms Kellen Kariuki (right) and Integrated Population Registration Services Director George Anyango exchange details of their partnership in Nairobi on January 25,2016. PHOTO | WILLIAM OERI
The CEO spoke when UFAA got linked to the Integrated Population Registration System (IPRS) database which allows it to crosscheck details of all claimants before any payments are processed.
Mr Anyango and Ms Kariuki said all details for every Kenyan had been uploaded onto the system enabling UFAA to ascertain beyond doubt any relation between a claimant and owner of the money.
Banks and insurance companies have disbursed a further Sh1 billion to the Unclaimed Financial Assets Authority (UFAA) ahead of a planned audit of all financial entities beginning this year.
UFAA Chief Executive Ms Kellen Kariuki said that no company will receive a certificate of compliance before it is audited and its books certified as a true reflection of their declaration.
