Central Bank of Kenya wants commercial banks to be extra vigilant to prevent depositing of illicit finances ahead of old Sh1000 end-use on September 30.
In a circular by the CBK’s Banking Supervision Department on Friday, the regulator warned that it would take action against any commercial bank that fails to, neglects or omits to comply with relevant regulations.
“With the September 30 deadline approaching, financial institutions should be even more careful of attempts to circumvent the Anti-Money Laundering requirements, in exchanging or depositing old Sh1,000 notes,’’ CBK said.
The regulator reminded lenders of their obligation under the Crime and Anti-Money Laundering Act, 2009, saying they should undertake enhance due diligence on customers’ transactions and ensure effective monitoring of all accounts and transactions.
Yesterday, a Sacco with countrywide operations issued a notice to members, stating that the deadline for accepting the old notes will be on September 25.