Central Bank of Kenya Governor Patrick Njoroge has issued guidelines for people intending to exchange the old Ksh 1000 notes with new ones at the bank following the launching of the new currency on Madaraka day.
Governor Njoroge in a statement seen by Daily Active stated that an identity proof will apply as usual when depositing money for bank customers.
To be able to identify transactions that appear to be suspicious, banks undertake measures to ensure that they ‘know their customers’
(KYC).
These include Customer identification and verification, conducting ongoing monitoring of accounts, reviewing transaction patterns and volumes so as to be able to assess whether the activity on the accounts are consistent with the line of business or occupation of the
customer and considering any additional risks, e.g. type of business the customer engages in, and/or the origin of transactions.
Here are the guidelines:
Exchanging less than Ksh 1 Million
1. People who want to exchange the old notes for a value of less than KES 1 million can do so at their bank branches. People without bank accounts can exchange at any branch of any bank, or even at the CBK. They will need to have official identification. pic.twitter.com/c1kSco3F62
— Central Bank of Kenya (@CBKKenya) June 3, 2019
People who want to exchange the old notes for a value of less than KES 1 million can do so at their bank branches.
Those without bank accounts can exchange at any branch of any bank, or even at the CBK. They will need to have official identification.
Exchanging Ksh 1 million – 5 million
People who want to exchange amounts between KES 1m and KES 5m will need to go to their own banks.
Those who do not have bank accounts and want to exchange this amount will need to contact the CBK.
CBK will then endorse them and they can go to a designated bank branch.
Exchanging over Ksh 5 million
People who want to exchange amounts above KES 5 million will need to contact the CBK.
However, CBK analysis only found a few in this category.
