Regulatory Alerts2016-01-05 | 1458058789Added · Updated
Banking Circular No 1 of 2016 - Additional Guidelines on Large Cash Transactions
The Central Bank of Kenya is issuing additional guidelines on large cash transactions to combat money laundering and terrorism financing. Financial institutions must obtain written statements from customers justifying substantial cash deposits or withdrawals and provide additional information, including the reason for the transaction, why it cannot be done electronically, and the source and intended beneficiaries of the funds. Institutions must report suspicious transactions to the Financial Reporting Centre.