Banks hit back at MPs on large cash transfersMPs have termed the Central Bank regulations requiring disclosure of sources of cash prohibitive. The amendment of section 65 of the Act was done through clause 58A of the same Act, which then introduced section 36C of the Banking Act. But MPs have opposed the Central Bank of Kenya (CBK) regulations, claiming they have inconvenienced many, prompting some to avoid banking the cash. They also say some of the banking regulations are illegal as they did not have Parliament’s approval as required by law. He was of the view that there were other several laws on deposits and withdrawals which needed to be wrapped together or be superseded by section 33 C of the Banking Act.

Source: Standard Digital March 11, 2019 21:10 UTC