This archive report was first published on 30 September 2019.
Kenya's Central Bank of Kenya (CBK) has flagged at least 900 bank accounts for suspicious deposits of old 1,000 notes as the demonetization process ends on September 30, 2019.
According to a top official, authorities investigating the issue agreed that the owners of the accounts could only be contacted after the closure of the three-month window to avoid raising alarm and scaring others from making deposits.
The cumulative value of the suspicious deposits is significant, but the exact amount could not be immediately established.
Officials involved in checking for possible money laundering have disclosed that a meeting will be held on Wednesday to assess the integrity of the doubtful accounts.
“We will be reaching out to the account holders after our meeting to investigate the rather suspicious transactions,” said the official.
Some of the accounts that had been flagged have since been cleared as the depositors were found to be big traders.
CBK Governor Patrick Njoroge refuted claims that there is a shortage of the new Sh1,000 note, stating that there will be absolutely no extension after the September 30 deadline.
He also stated that it will take two to three years to phase out the other denominations.
