ADVOKS GLOBAL · KENYA
The Banking (Penalties) Regulations, 2025
39. Non-disclosure of ultimate beneficial owner
Edition: 2025-07-09 · In force
39. Non-disclosure of ultimate beneficial owner
(1)A shareholder who does not disclose to the institution and to the Central Bank the full particulars of the ultimate beneficial owner of the shareholder commits a violation and is liable, upon assessment—(a)where the shareholder is an institution, to a penalty not exceeding twenty million shillings or three times the gross amount of the monetary gain made or loss avoided by the institution;(b)where the shareholder is a corporate body, to a penalty not exceeding three million shillings; and(c)where the shareholder is a natural person, to a penalty not exceeding one million shillings.(2)A bank which does not request for the full particulars of the ultimate beneficial owner of the shareholders of the institution commits a violation and is liable upon assessment to a penalty not exceeding twenty million shillings or three times the gross amount of the monetary gain made or loss avoided by the bank.(3)An officer of an institution found liable for the violation in paragraph (2), commits a violation and is liable, upon assessment, to a penalty not exceeding one million shillings.