Kenya has refused to back down on fines imposed against some of the country's top banks over inadequate anti-fraud mechanisms.

In September, the Central Bank ordered five banks to pay penalties totalling $3.8m (£3m) for failing to report suspicious transactions.

The fines were ordered after almost $100m was stolen from the state National Youth Service agency. Senior government officials have been charged in relation to the theft.

Kenya's Central Bank has reviewed the response from five banks to its investigation and concluded the submissions by the lenders were not sufficient to reverse the penalties.

The banks were also accused of approving large transactions without the proper documents.