An estimated 60 percent of private firms are yet to disclose a list of their beneficial owners risking fines in the hundreds of thousands of shillings alongside sanctions, including the inability to conduct business with the government.
New data from the Business Registration Service (BRS) shows only 40 percent of private firms or 276,014 companies are compliant with the requirement to keep a list of beneficial owners out of 690,222 registered private companies.
