Caution on plans to relax rules on Sh1m and above transactions

President William Ruto is presented with new banknotes by CBK Governor Patrick Njoroge during a past event. [DPPS]

The ongoing review on checks involved on transactions above Sh1 million should be handled with caution to avoid compromising the security and integrity of the financial system.

Central Bank of Kenya (CBK) should ensure that while it eases what has been deemed as onerous checks involved in such high value transactions, it remains alert to the ever increasing and evolving risks such as money laundering and terrorism financing.