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State moves to relax checks on large cash transactions
President William Ruto during a Cabinet meeting held at Statehouse, Nairobi on July 18, 2023. The cabinet meeting approved the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2023. PHOTO | PCS
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).
