CBK to unmask shadowy bank owners in anti-dirty cash rules

Opening of the Vault door in a Bank. [Getty Images]

The identity of the elusive magnates and shadowy tycoons who own some of Kenya's lucrative lenders and microfinance banks will soon be unveiled to the Kenyan public, thanks to the implementation of strict new regulations by the banking regulator.

In a letter addressed to all banks and microfinance banks, the Central Bank of Kenya (CBK) has warned of potential fines of up to Sh20 million for non-compliance with the mandate to disclose the true owners of financial institutions.