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MPs want checks on large deals increased to Sh10m
The National Assembly has opened public participation for two bills which form part of the conditions attached to the Sh139 billion soft loan secured from the World Bank. FILE PHOTO | JEFF ANGOTE | NMG
Members of Parliament want the requirement for bank customers to disclose source, intended use and beneficiaries when depositing and withdrawing cash raised above Sh10 million even as the banking regulator called for caution.
They said the current threshold of Sh1 million ($10,000) is hurting businesses and stifling the growth of micro- and small-sized businesses which largely deal in hard currency.
