Nairobi, Oct. 21 -- President Uhuru Kenyatta wants the requirement for bank customers to disclose source, intended use and beneficiaries when depositing and withdrawing cash raised above Sh1 million.
Mr Kenyatta Wednesday directed the Treasury to engage stakeholders and come up with a higher threshold than the current $10,000 The cash limit, he said, has hurt growth of micro- and small-sized businesses which largely transact in cash.(Sh1.1 million) under regulation 31 of the Proceeds of Crime and Anti-Money Laundering Regulations 2013.
The cash limit, he said, has hurt growth of micro- and small-sized businesses which largely transact in cash.
"It should also be recognised that the implementation of the framework by banks has been onerou...