Banks hit back at MPs on large cash transfers

MPs have termed the Central Bank regulations requiring disclosure of sources of cash prohibitive. [File, Standard]

Banks have taken on Parliament over the stringent measures by the Central Bank requiring full disclosure on cash transactions exceeding Sh1 million.

Kenya Bankers Association (KBA) in its reply to a case challenging section 65 of the Finance Act, 2018 claims the section was sneaked into the Bill and passed at the third reading without having gone through a public hearing.