Monday 9th July 2018: Kenya Bankers Association has given the following guidelines on Over The Counter Cash transactions effective Sunday, 1st July 2018:
Cash transactions of Kes 1 million ( or equivalent in foreign currency) and above will be subject to various levels of approval by the Bank. The cash transaction limits are daily limits, and not only limits per transaction.
For cash transactions equal to or above Kes 10 Million, you will be required to give a three-day written notice of the intention to transact to the Branch Manager, giving the following information:
Source of funds (with supporting evidence) for deposit transactions
For withdrawal transactions: for what purpose are the funds being used?
Why RTGS cannot be used
ID/Passport copies of person to make the cash transaction
ID/Passport copies of all payees/beneficiaries
You will be required to provide the above information by filling and duly signing the Large Cash Declaration Form which will be available at the Branch.
These guidelines are to be applied alongside the existing Central Bank Prudential Guidelines and provisions of the Proceeds Of Crime and Anti-Money Laundering Act/Combating the Financing of Terrorism (POCAMLA/CFT) regulations.
NB: Excise duty on mobile transfer fees will also increase from 10% to 12%.
For more information or clarification, please visit any of our branches countrywide, talk2us@abcthebank.com or call us on 0701 700 700.
