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Author Topic: Ask Permission to Withdraw a Million  (Read 587 times)

Offline Omollo

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Ask Permission to Withdraw a Million
« on: June 25, 2018, 07:12:41 PM »
This is total crap.

Laundering of money is not because the manager is not aware of how much one withdrew.

I can bank 9 billion over time by making sure I deposit just under a million or get people to write cheques in exchange for cash. This is absolute nonsense

https://www.standardmedia.co.ke/business/article/2001285460/you-will-need-manager-s-nod-to-deposit-or-withdrawal-above-sh1-million
... [the ICC case] will be tried in Europe, where due procedure and expertise prevail.; ... Second-guessing Ocampo and fantasizing ..has obviously become a national pastime.- NattyDread

Offline RV Pundit

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Re: Ask Permission to Withdraw a Million
« Reply #1 on: June 25, 2018, 07:15:38 PM »
Sounds stupid and it has potential to really slow banking. I think monitoring should be on case by case basis. Sort of get banks or cbk to install intelligent systems that flag suspicious transactions...after running nightly analysis..and have those investigated by CBK. 

But this will slow down cash transaction - which is always  a good thing. Cash heavy business will have to figure out how to avoid cash - and they can adopt "LIPA NA MPESA" .
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