The Banking (Penalties) Regulations, 2025

20. Voting by significant shareholder without certification

Edition: 2025-07-09 · In force

20. Voting by significant shareholder without certification

A significant shareholder of an institution who exercises voting rights upon being notified by the Central Bank that the shareholder has not fulfilled the fit and proper criteria as set out in Part B of the First Schedule to the Act commits a violation and is liable, upon assessment—

(a)where the shareholder is a corporate body, to a penalty not exceeding three million shillings; and

(b)where the shareholder is a natural person, to a penalty not exceeding one million shillings.

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Source: Kenya Law