Regulatory Alerts2022-11-21 | 1592925320Added · Updated
Banking Circular Number 5 of 2022 - Additional Guidance on Large Cash Transactions
Kenya's Central Bank of Kenya (CBK) has issued guidance to financial institutions regarding large cash transactions and anti-money laundering/combating the financing of terrorism (AML/CFT) regulations. The guidance includes a reminder of reporting obligations, a recommendation to adopt technology to streamline processes and enhance customer experience, and the introduction of a standardized Large Cash Transactions Declaration Form. Institutions must submit a report on the implementation of this guidance by January 31, 2023.