Kenya Bankers Association (KBA) has declared that anyone who wants to deposit or withdraw Ksh. 10 million or more from their account will need to issue their respective banks with a three-day notice.

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According to a circular issued by the governing council and copied to Central Bank of Kenya (CBK), any cash transaction of Sh1 million to 10 million on a single day should be through a branch manager’s intervention. 

This move is aimed at sealing any loopholes for money laundering and financing error. 

Customers withdrawing such amounts should also provide evidence of the source of their income when depositing cash and withdrawing, stated a section of the KBA’s circular. 

Any suspicious or unusual transactions done in a certain bank should be reported to the Financial Reporting Centre (FRC). The FRC, operationalized in April 2012 in mandated to identify and combat money laundering and financing of terrorism.

Customers who transact over Ksh. 10 million over the counter should disclose why they don’t use Real Time Gross Payment System (RTGS), a system used to transact over Ksh. 1 million. 

Withdrawals between Sh1 million and Sh10 million will be approved by branch managers while transactions between Sh10 million to Sh20 million will have to be approved by the regional branch managers under the fresh stringent rules.