Othelo wrote:iris wrote:Othelo wrote:iris wrote:The Kenyan banks are now requiring us to give reasons for deposits/withdrawals. What is/are the underlying reason(s)?
CBK guidelines/requirements when over Kshs. 1m ..... KYC, money laundering etc
Currently not restricted to KES 1M. It is almost any amount. Last time the amount in question was KES 33k. This started a couple of months ago, whereas the 1M guideline has been around for awhile.
Probably after NYS fiasco by banks, your bank is just being cautious and careful. Good thing though!!!!!
Not a good thing. Most of these directives are handed down to the resident CB from international bodies (read IMF etc) and it is never a request. Even the KES 1,000,000 decree is from the same sources.
The same reason why traveling with over $10,000 in liquid cash is prohibited in most countries. Ring a bell? $10,000 = ~ KES 1,000,000. These rules have been lorded over many nations not only KE. We can only speculate as to their real intentions.
The main purpose of the stock market is to make fools of as many people as possible.