Less than one percent of bank accounts in Kenya have Sh1 million, say CBKCBK Governor Patrick NjorogeNearly all bank accounts in Kenya have deposits less than Sh 1 million, Central Bank of Kenya has revealed.CBK Governor Patrick Njoroge on Tuesday told a parliamentary committee that 99.3 percent of bank accounts in Kenya have deposits of less than Sh1 million. “The requirement to report any transactions above Sh1 million or equivalent are contained in the requirements and provisions of the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA), which was effected in 2010” he said. He said Kenya is particularly vulnerable to money laundering and terrorism because of its geography, advanced banking and financial sector and a largely cash-based economy. Section 33 of the Banking Act gives the CBK the power to develop regulations prescribing conditions on deposits and withdrawals. The law states that no other person other than the CBK can issue regulations on deposits and withdrawals.

Source: Standard Digital February 26, 2019 12:58 UTC