Banks ask for a formidable amount of paper before opening a corporate account, and the list is not arbitrary. It is driven by anti-money laundering law and each bank’s own diligence standards.
What documents do Kenyan banks usually require?
- Certificate of incorporation and the company’s memorandum and articles, or constitution.
- A current company search, in practice the CR12, showing directors and shareholders.
- The company’s KRA PIN certificate and those of its directors.
- Directors’ identification documents and specimen signatures.
- A board resolution authorising the account, with the signing mandates the bank will rely on.
Why do banks ask for so much?
Banks owe statutory duties under the Proceeds of Crime and Anti-Money Laundering Act to identify their customers and understand the source of funds. In practice that means they look through the company to its beneficial owners, may ask for evidence of the business’s activity, and will escalate questions where documents do not line up. Foreign shareholders add a layer, since foreign documents typically need certification or legalisation. The standards are not identical across banks, so the specific checklist should be requested early rather than assumed.
What causes delays in practice?
Three recurring issues: names that do not match across the certificate, PIN records and the proposed account mandate; mandates signed by someone who is not, on the register, an authorised signatory; and searches that reveal unfiled changes, a director who resigned on paper only. Curing these after the bank has flagged them costs days that are hard to recover. A pre-opening audit of the company’s records against the registry usually pays for itself, and for some account types the bank will also verify the business premises, so a location that matches the paperwork helps.
Assembling a complete, consistent file before approaching the bank is the reliable route. Our banking and securities practice and governance advisory work cover company records and banking diligence; PIN registrations run through the Kenya Revenue Authority (kra.go.ke) and registry searches through the Business Registration Service (brs.go.ke).
For guidance on your specific situation, contact CS Advocates LLP, call, WhatsApp, or book a confidential consultation at our Westlands, Nairobi office.