The sports category has moved to a new website.
ADVERTISEMENT

Why CBK is monitoring 800 personal bank accounts

The Central Bank has been watching the accounts for 3 months

Central Bank of Kenya Governor Patrick Njoroge. CBK flags 800 bank accounts as Sh1,000 note September 30 deadline approaches

The Central Bank of Kenya (CBK) has flagged 800 personal bank accounts that will be under close scrutiny for the next 10 days.

CBK suspects that individuals who own the accounts may attempt to launder illicit money as the September 30 deadline for the old Sh1,000 note approaches.

According to the Central Bank, Sh100 billion of the old currency notes is still in the hands of private individuals who may attempt to bank the money, which is believed to be ill-gotten.

ADVERTISEMENT

The authorities confirmed that the 800 accounts have been under scrutiny over the last three months and the huge transactions have sparked formal investigations.

Strict guidelines ahead of September 30 Sh1,000 note deadline

CBK will also be closely monitoring transactions that require sizable amounts of cash such as purchasing vehicles and investment in shares.

"At this point in time the level of vigilance is extremely high. Banks have been reminded to report any suspicious financial activity using know-your-customer rules

"We are continually advising banks to scrutinize every person who comes to exchange notes or makes unusually high deposit," Kenya Bankers Association (KBA) CEO Habil Olaka confirmed.

ADVERTISEMENT

DPP Noordin Haji recently clarified that all old Sh1,000 notes being held by police as evidence will remain in their custody until the courts offer direction on how they will be demonetized.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Plane immobilised at Kisumu Airport

Plane immobilised at Kisumu Airport

Ruto explains why plane used for the U.S. state visit cost Sh10M & not Sh200M

Ruto explains why plane used for the U.S. state visit cost Sh10M & not Sh200M

KDF sets strict rules on use of aircraft by politicians

KDF sets strict rules on use of aircraft by politicians

Career profile of Haiti's Prime Minister appointed ahead of Kenya Police deployment

Career profile of Haiti's Prime Minister appointed ahead of Kenya Police deployment

KRA raids radio station owned by Governor Abdulswamad Nassir [Video]

KRA raids radio station owned by Governor Abdulswamad Nassir [Video]

Ministry of Education revises half-term dates for Term Two

Ministry of Education revises half-term dates for Term Two

UDA cracks whip on Kuria, Murkomen, Sudi & other leaders to contain growing rift

UDA cracks whip on Kuria, Murkomen, Sudi & other leaders to contain growing rift

KUCCPS considers 5 reasons for inter-university transfer [How To Apply]

KUCCPS considers 5 reasons for inter-university transfer [How To Apply]

Profile of woman who scammed bank CEO millions by invoking Raila's name

Profile of woman who scammed bank CEO millions by invoking Raila's name

ADVERTISEMENT