The Banking (Penalties) Regulations, 2025
17. Transfer of significant shareholding to uncertified person
17. Transfer of significant shareholding to uncertified person
An institution which transfers such quantity of its shares that make the person to whom the shares are transferred a significant shareholder, without the person being certified by the Central Bank as a fit and proper person to manage or control the institution contrary to section 13(4) of the Act, commits a violation and is liable, upon assessment, to a penalty not exceeding ten million shillings or three times the gross amount of the monetary gain made or loss avoided by the institution.Source: Kenya Law