[SIZE=6]…henceforth, you’ll have to state who receives the cash if you withdraw over Sh1m[/SIZE]
[SIZE=4][SIZE=4]Bank customers have to name beneficiaries of cash withdrawals above Sh1 million and justify not using electronic transfer, the Central Bank of Kenya (CBK) has ordered in a circular. [/SIZE]The industry regulator’s order dated January 5, 2016 aims to fight flow of graft funds—usually transmitted in cash to avoid tracing and evade tax—through the banking and micro-banking system.[/SIZE]
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“The CBK asks institutions to obtain the following additional information while handling large cash transactions: Why the large cash deposit or withdrawal is necessary? Why it cannot be done through electronic means? The full identity of the intended beneficiaries of the money,” said the CBK circular.[/SIZE]
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The regulator defines a large transaction as one exceeding $10,000 (Sh1 million) or its equivalent in any currency. Customers will also be required to disclose where they will be taking the money immediately it leaves the bank and what it will be used for.[/SIZE]
[SIZE=4]The drastic move comes in the wake of several corruption scandals which have exposed weakness in how banks deal with large cash transactions. [/SIZE]
[SIZE=4]While there is no law requiring payments exceeding Sh1 million not to be made in cash, the disclosure is expected to push bank customers to the traceable electronic platform.[/SIZE]
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Hawa watu wanatupimia hewa aje? If this situation persists, I will be forced to move my billions to the Cayman Islands. Why can’t they just let us rich folk enjoy our not-so-hard-earned money in peace? It’s a damn shame, that’s what it is.
While there is no law requiring payments exceeding Sh1 million not to be made in cash, the disclosure is expected to push bank customers to the traceable electronic platform.
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good lawyer no problems kwa hivyo they can eat my shorts
I have a dormant equity a/c, kuna siku niliwekewa pesa kwenda kutoa waliita kila mtu mpaka manager kuniuliza maswali ya upuss mpaka wakapiga no. yangu ya simu kuconfirm. Kama uko biz either use the very big banks i.e stanchart or the very small banks e.g jamii bora hivi huko hakuna maswali mingi.
Ama sema tu ni yakulipa custom duty
as long as there is no law against cash, and there is a law that operationalizes cash (every note says “legal tender for bla bla amount”)
then this is just kelele ya paka na paka ingine.
ha ha ha this is not the first case na equity nimesikia. a cousin in campus aliwekewa 50K kwa account na auntie yake amnunulie something nairobi. kuenda ku withdraw he was summoned to the manager’s office to verify kila kitu juu account the most iliwahi kua nayo ni 5k at any given time. It was at the height of media reports on al-shabaab recruiting Kenyan youth so kila mtu alikua rada mbaya
Note: the banks are under no obligation to verify the truthfulness of your answers so if you say its your wifes birthday present or that you are going to pay watu wako wa mjengo, the bank records what you say regardless. That way they absolve themselves from blame in case of any future mishaps.
All in all its a good move towards countering financing of criminal deals. For example, Kidero would probably not have been able to easily withdraw 2M dollars to pay Tonui without disclosing the payee (that is if the claims are true)
Equity wako strict kwa signature hata ukiwa off kiasi lazima urudie. Nilirudishwa mara kama tani last November. Pissed me off nikaomba to set a new signature nilipewa some pink form which had some unreadable legal jargon. Nilitupa kwa bin… Went back weeks later juu nilisota