We would like to bring your attention to the new over-the-counter cash transaction guidelines for the banking industry issued by the Kenya Bankers Association.
Please note that these new guidelines are effective July 2, 2018 and apply to all banks operating in Kenya.
The guidelines are as follows:
For over-the-counter cash transactions above KES10 Million, customers will be required to give the bank advance written notice of THREE (3) business days of the intention to transact, accompanied with the following documentation and information:
- Source of funds (with supporting evidence) for deposit transactions
- For withdrawal transactions, please specify for what purpose the funds will be used
- Please indicate why you cannot use RTGS
- Provide ID/Passport copies of person to make the cash transaction
- ID/Passport copies for all payees/beneficiaries
These new guidelines will be implemented alongside all existing laws and regulations with respect to the prevention of financial crime including measures against money laundering, corruption and proceeds of crime in force from time to time.
For more information on these guidelines, call 3900000, or visit your nearest branch.