Regulations

Regulations

Whistle Blowing Policy

Additional Guidelines on Large Cash Transaction

09th February 2016

The Central Bank of Kenya (CBK) has issued new Regulatory Guidelines on additional information that banks should obtain from their customers when making cash deposits and withdrawals equal to or exceeding USD 10,000.00 (or its equivalent in other currencies including Kenya Shillings).

In adopting these guidelines Stanbic Bank shall with immediate effect request the following additional information from customers in respect of transactions that meet the threshold mentioned herein above:

  1. Reasons for large deposit or withdrawal
  2. Reason the cash deposit or withdrawal cannot be made through electronic means.
  3. After withdrawal; where is the money going?
  4. What the money will be used for?
  5. Who will be the direct or indirect beneficiaries of the money?
  6. The full identity of the intended beneficiaries of the money?
  7. The source of the money which is sought to be deposited or withdrawn over the counter?

 

In this regard, we encourage the adoption of the below electronic payment methods available at the Bank.

  1. Real Time Gross Settlement System (RTGS)
  2. Mobile payment and collections through M-pesa (including Till 2 Bank)
  3. Cheques
  4. Electronic Funds Transfer (EFT)

 

Where the nature of business requires continued use of cash transactions, we shall require that a letter be provided to Stanbic Bank in response to the questions listed above, for our records. It shall however not preclude Stanbic Bank from requesting for additional information in respect to future transactions.

For further clarification, please contact any of our nearest branches, or contact our Customer Care team on 0711068999 or 0203268888 or email customercare@stanbic.com

Notice on Large Amount Transations


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