Banks quietly relax rules for large cash deals amid loud silence by CBK

CBK has seemingly been hesitant to implement the order, also given by retired President Uhuru Kenyatta, citing money laundering concerns and a breach of international obligations.

"In our engagements, traders also complained about the onerous burden involved in cash transactions exceeding Sh1 million," said President Ruto on September 13 in his inauguration speech, adding that many traders have reverted to storing money "under their mattresses" at great risk, which is clearly not the intention of the anti-money laundering regulations. "While we remain fully committed to mitigating this risk, we believe that there is scope to make compliance less burdensome on genuine business transactions.