Parliament stops banks from asking clients sources of cash deposits
Nairobi, Jan. 26 -- Customers will no longer be required to disclose the source, use and beneficiaries before getting clearance from banks to withdraw or deposit at least $10,000 (Sh1.5 million) in cash after Parliament struck out the controversial rules on a technicality.
National Assembly Speaker Moses Wetang'ula declared the rules on large cash transactions, which were introduced by the Central Bank of Kenya (CBK) in 2016, illegal because they were not approved by Parliament.
Moneyed individuals and businesses have for long protested the onerous checks, arguing they have hindered their ability to carry out smooth transactions.
This prompted President William Ruto and his predecessor, Uhuru Kenyatta, to push for the relaxation of the...
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