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              SA: Infrastructure devt in Africa key to success of smart mobility – Mashatile

              SA: Infrastructure devt in Africa key to success of smart mobility – Mashatile

              Kenya: Ruto launches Africa’s Second Amazon Web Services Development Center

              Kenya: Ruto launches Africa’s Second Amazon Web Services Development Center

              BoG to inject $800m into reserves to stabilise cedi

              BoG launches eCedi innovation challenge to drive CBDC devt

              Ghana: Cyber Security Authority receives 907 licence and accreditation requests

              Ghana: Cyber Security Authority receives 907 licence and accreditation requests

              Uganda: Bill on the EAC pension claims in the offing

              Uganda: Bill on the EAC pension claims in the offing

              South Africa: President Ramaphosa signs off salary increases for all public office bearers

              SA: Investment pledge creates 3000 jobs

              UN Security Council greenlights deployment of Kenyan-led force to Haiti

              UN Security Council greenlights deployment of Kenyan-led force to Haiti

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                Ghana Celebrates Osagyefo Dr. Kwame Nkrumah: Remembering the Architect of Independence

                Ghana Celebrates Osagyefo Dr. Kwame Nkrumah: Remembering the Architect of Independence

                Chronicles of Africa’s coups: From ‘Gallic Strings’ to BRICS hopes

                Chronicles of Africa’s coups: From ‘Gallic Strings’ to BRICS hopes

                Children displaced across Sub-Saharan Africa by climate shocks doubled to a record high in 2022

                Children displaced across Sub-Saharan Africa by climate shocks doubled to a record high in 2022

                President Ruto lifts logging ban

                Kenya’s Africa exports cross Sh200bn mark

                Kenya climbs ladder in the global avocado production rankings 

                Kenya climbs ladder in the global avocado production rankings 

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                Ing. Oscar Amonoo-Neizer: A Trailblazer in Ghana’s Sustainable Energy Development

                World Environment Day 2023: History, theme and significance

                World Environment Day 2023: History, theme and significance

                Femi Gbajabiamila – Nigeria’s New Chief of Staff

                Femi Gbajabiamila – Nigeria’s New Chief of Staff

                Trending Tags

                • DIGITAL ECONOMY
                  Zambia, Israeli discuss bilateral relations

                  Zambia, Israeli discuss bilateral relations

                  Ghana launches HIV Self-Testing kit

                  Ghana launches HIV Self-Testing kit

                  Kenya: President Ruto Signs County Allocation of Revenue and Equalisation Bills

                  Chairman of Afreximbank calls for intra-African trade.

                  Chairman of Afreximbank calls for intra-African trade

                  Afreximbank launches Insurance subsidiary to support intra-African trade

                  Afreximbank launches Insurance subsidiary to support intra-African trade

                  Eritrea: President Isaias Afwerki returns home

                  Eritrea: President Isaias Afwerki returns home

                  President Ramaphosa meets large exporters on the state of South Africa’s logistics system

                  ECOWAS shares dialogue, negotiation and mediation capacity building experiences at The Hague

                  ECOWAS shares dialogue, negotiation and mediation capacity building experiences at The Hague

                  Kenya: Ministry of Health welcomes new Kenya Medical Supplies Authority Chairperson, Mr. Daniel Rono

                  Kenya: Ministry of Health welcomes new Kenya Medical Supplies Authority Chairperson, Mr. Daniel Rono

                  Trending Tags

                  • INTERVIEW
                    Sierra Leone Seeks Upstream Partners to Fast-Track Exploration, says Petroleum Directorate

                    Sierra Leone Seeks Upstream Partners to Fast-Track Exploration, says Petroleum Directorate

                    Ghana’s registra department: driving digitization for effecient services

                    Ghana’s registrar department: driving digitization for efficient services

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Nigerian’s First Lady Aisha Buhari in Talks on Plans After Husband’s Presidency

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

                    Why Nigeria Needs Aircraft Leasing Companies- Captain Abdulsalami Mohammed

                    Why Nigeria Needs Aircraft Leasing Companies- Captain Abdulsalami Mohammed

                    Interview with Jennifer Blanke, Vice President Agriculture, Human and Social Development at the African Development Bank Group, Ahead of the 2019 Gender Summit

                    Interview with Jennifer Blanke, Vice President Agriculture, Human and Social Development at the African Development Bank Group, Ahead of the 2019 Gender Summit

                    Now is the Time to Partake in Nigeria’s Next Level Roadmap – Damilola Ogunbiyi

                    Now is the Time to Partake in Nigeria’s Next Level Roadmap – Damilola Ogunbiyi

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                      Edwin Alfred Provencal emerges Public Sector Global ‘CEO of the Week’

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                      Edwin Alfred Provencal emerges Public Sector Global ‘CEO of the Week’

                      Edwin Alfred Provencal emerges Public Sector Global ‘CEO of the Week’

                      South Africa’s Thulas Nxesi emerges as Public Sector Global ‘Minister of the Week’

                      South Africa’s Thulas Nxesi emerges as Public Sector Global ‘Minister of the Week’

                      Pascal Bizimana Ruganintwali emerges Public Sector Global ‘CEO of the Week’

                      Pascal Bizimana Ruganintwali emerges Public Sector Global ‘CEO of the Week’

                      Hon. Matthew Opoku Prempeh emerges Public Sector Global ‘Minister of the week’

                      Hon. Matthew Opoku Prempeh emerges Public Sector Global ‘Minister of the week’

                      Hon. Aisha Jumwa Katana emerges Public Sector Global ‘Minister of the week’

                      Hon. Aisha Jumwa Katana emerges Public Sector Global ‘Minister of the week’

                      Her Excellency Hon Reem Ebrahim Al Hashimy, Minister of State for international Cooperation, United Arab Emirates Emerges PSG Minister of the Week

                      Her Excellency Hon Reem Ebrahim Al Hashimy, Minister of State for international Cooperation, United Arab Emirates Emerges PSG Minister of the Week

                      Hon Aisha Jumwa, Minister of Public Service, Gender & Affirmative, Kenya has Emerged APS Minister of the Week

                      Hon Aisha Jumwa, Minister of Public Service, Gender & Affirmative, Kenya has Emerged APS Minister of the Week

                      Hon Aisha Jumwa, Minister of Public Service, Gender & Affirmative, Kenya has Emerged APS Minister of the Week

                      Hon Aisha Jumwa, Minister of Public Service, Gender & Affirmative, Kenya has Emerged APS Minister of the Week

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                      Home PS Finance

                      Kenya: State moves to relax checks on large cash transactions

                      Public Sector Global by Public Sector Global
                      July 19, 2023
                      in PS Finance
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                      Kenya: State moves to relax checks on large cash transactions
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                      Bank customers will be spared the trouble of disclosing the source, intended use and beneficiaries when making transactions of $15,000 (Sh2.1 million) and below if Parliament approves a Cabinet proposal to relax the anti-money laundering rules.

                      A Cabinet meeting chaired by President William Ruto Tuesday approved the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2023, setting the stage for the increase of the cash-reporting threshold by 50 percent from the current $10,000 (Sh1.42 million).

                      The Bill, which will now be tabled in Parliament, marks the latest test to the 2016 regulations after Dr Ruto and his predecessor Uhuru Kenyatta in the past separately pushed for a review, arguing that they had inconvenienced many individuals and businesses.

                      Moneyed individuals and businesses have protested the onerous checks amid fears relaxing the rules could aid money laundering and terrorism financing.

                      “Besides raising the cash reporting threshold from $10,000 to $15,000, the Bill provides for the requirement for companies to keep a register of beneficial owners,” said a statement by the Presidential Communication Service (PCS) on Tuesday Cabinet meeting.

                      The proposed $15,000 threshold is the maximum limit recommended by the Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog for which Kenya aligns through the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)— an associate member of FATF.

                      More than 200 jurisdictions worldwide are committed to the FATF recommendations, which, among others, require financial institutions to undertake customer due diligence on transactions above the designated threshold of $15,000 or €15,000 (Sh2.1 million).

                      FATF recommendations are widely considered the global standard for anti-money laundering and combating financing of terrorism but a number of MPs have been pushing for a Sh10 million threshold.

                      Kenya’s counterparts in the East African Community—Tanzania, Uganda, South Sudan and Tanzania— are all on FATF’s ‘grey list,’ meaning they are under increased monitoring when it comes to risks of money laundering and terrorism financing.

                      Kenya is a key regional business and travel hub as well as a gateway to the neighbouring East African economies and well-developed trade links to the rest of the world.

                      A 2021 report of the task force on the national risk assessment on money laundering and terrorism financing said this geo-positioning, trade inter-connectedness and high fintech use had increased the country’s vulnerability to money laundering and terrorism financing. The overall money laundering threat for the country was assessed as medium with a potential for increase in the future.

                      The task force founded that banking was the sector with the highest impact on the national money laundering vulnerability, followed by real estate, money remittance providers, saccos, legal professionals and second-hand motor vehicle dealers.

                      The common methods of laundering money in Kenya were found to involve opening ‘suspicious’ bank accounts and making periodic cash deposits which do not correspond to the suspect’s known sources of income.

                      “To avoid detection, deposits are made in tranches below the reporting threshold to evade the attention of the authorities and guidelines placed by regulators which require that an account holder declares the source of such money,” said the task force’s report.

                      The CBK had in a January 5, 2016 circular told banks that large cash transactions were characterised by “informality and anonymity,” making the banking sector vulnerable to money laundering and terrorism financing.

                      The regulator issued the guidelines to tighten Regulation 31 of the Proceeds of Crime and Anti-Money Laundering Regulations, 2013 which require financial institutions to obtain written confirmations from customers that they are engaged in activities that generate money that matches what they are depositing or withdrawing.

                      Under the additional guidelines that have been reviewed, those depositing at least $10,000 are required to disclose the source of the cash and justify why such transactions could not be made through electronic means.

                      Customers have also been required to disclose where the money being withdrawn was going, what the money is to be spent on and who the direct and indirect beneficiaries are.

                      Banks are also currently required to keep records of cash transactions of more than $10,000 and report suspicious deals to the Financial Reporting Centre (FRC) — the agency tasked with identifying and combating money laundering and financing of terrorism. Former CBK governor Patrick Njoroge left office mid-last month having successfully resisted the pressure to revise the rules that have been.

                      Source: Nation.Africa

                      Tags: KenyaRelax checks on large cash transactionsWilliam Ruto
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