More than a dozen related companies and businessmen used Charterhouse Bank as a conduit for money laundering, a new report by a corruption watchdog says, even as lawyers warned that failure to prosecute the perpetrators could undermine Kenya's sovereign rating.
The report, which pieces together the complex network that the bank's clients used to clean money, says Charterhouse deliberately let its customers open accounts without critical details like names, addresses or signatures - flouting the Know Your Customer regulations under which all commercial banks operate.
