Kenya Commercial Bank has now effected the new guidelines issued by Central Bank of Kenya (CBK) for mandatory information that you will be required to provide when handling large cash transactions, equal to or exceeding USD 10,000 or its equivalent in Kenya shillings or any other currency.
These new regulations are designed to encourage the use of electronic payments and reduce the inherent risks involved with cash transactions. Electronic payments are beneficial to you as they reduce losses due to fraud and theft
These guidelines take effect immediately and you will be required to fill a declaration form to provide the following details:
1. Why is the large cash deposit or withdrawal necessary?
2. Why can’t the cash deposit or withdrawal be made through electronic means?
3. Where will the money be taken after it leaves the bank premises?
4. What is the money going to be used for?
5. Who will be the direct and indirect beneficiaries of the money?
6. What is the full identity of the intended beneficiaries of the money?
7. What is the source of the money being deposited or withdrawn over the counter?