A Cabinet meeting chaired by President William Ruto on Tuesday this week approved the Anti-Money Laundering and Combating of Terrorism Financing Amendments Bill, 2023, which proposes to relax rules requiring customers to disclose details on source, use, and beneficiaries before withdrawing or depositing at least Sh1 million in cash.
Currently, the law requires commercial banks to report all transactions above Sh1 million to the Financial Reporting Centre (FRC) daily.
