Commercial Banks have opposed a plan by the government to raise the threshold for reporting large cash transactions by 50 percent to $15,000 (Sh2.1 million) on grounds that the decision will open avenues for money laundering and terrorism financing in Kenya.
President William Ruto's cabinet has approved amendments to the law that will spare bank customers the trouble of disclosing the source, intended use and beneficiaries when making transactions of $15,000 (Sh2.1 million) and below to the Financial Reporting Centre (FRC).
