Kenya Bankers Association Issue New Directives For Bulk Withdrawals Beyond Ksh10 Million
The Kenya Bankers Association (KBA) has issued a new directive on cash withdrawals amounting to Ksh10 million. In the new directives someone withdrawing such an an amount will have to give a three day notice to the Branch manager before withdrawing.
The person withdrawing would also have to disclose the purpose of withdrawal. If depositing the person should produce evidence of the source of the funds being deposited. They would also need to produce identification card for the person transacting and the beneficiaries.
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The new directive also showed the new levels of approvals for over the counter transactions with amounts over Ksh20 million to only be approved the head of Branch Banking or a director.
Here is how Kenyans reacted to this new directive:
This is backwardness of the highest order, but most importantly laziness. Banks should just do their work according to regulations without inconveniencing the client. How will this cub corruption or money laundering? KBA should think outside the box or at best away from the box.
— Musamali (@A_Musamali) June 25, 2018
https://twitter.com/RJereha/status/1011249507110195200
https://twitter.com/kellyGitahi/status/1011243249678381056
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