Friday September 20, 2019-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 nears.
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.
The bank noted that the 800 accounts have been under scrutiny over the last three months and the huge transactions have sparked formal investigations.
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.
The Kenyan DAILY POST