@chali - My main broker was CFCFS. Very active 2-3 years ago (2007 boom years) then trading slowed down on NSE & the merger happened.

I moved my main 'business' to I&M Bank thus this became my Account wa kando

I agree with @Mukiha,All a bank needs to know from you is your ID. It is the duty of government to link the dots.Customers should not be made to pay/ inconvinienced for that.And by the way what is the Bank's business if your business is legit or not? All they need to confirm is that they money you bring is legal tender. The CID/KRA should verify the legitimacy of your money. Not the banks or the customer. The rest is just rubbish because the government is not willing to do its part.

The KYC nonsense,was brought about to exclude the lower classes from Banking halls. Just wait and see. Who has power connected to their premises? ( The middleclass have power in the name of their Landlords if any ) Are the banks saying that only those connected to power or water can access banking?

If you want to know where I live, I can draw you a map ( because the area chief has no clue what his job is apart from bursting changaa dens). The KPLC/Water bill is just a hallucination that any KYC has been done.

I commend Dr Mwangi for taking it head on.We need new minds to manage banking!Minds that believe in inclusion not exclusivity. According to me, there is no difference between having an M Pesa account and a Bank account. So why I'm I not asked for a KPLC/Water bill to Join M Pesa/ ZAP?

There must be something otherwise they'd not be asking for your PIN. My guess is they are checking up on us.
Imagine if they got hold of information like your tax returns and major assets - properties, vehicles etc. they will be able to easily come up with tailor made 'solutions' (read loans) that you'll find hard to say no to.

What do banks rely on to prove it is you they are transacting with? KYC.

Assume you are in fix and you need more cash than the ATM can provide urgently.
Many are times people leave their IDs behind.
A good bank will advice you to include any other forms of identification(DL,Passport)during account opening all for KYC purposes, just incase you leave one behind and you have to withdraw over the counter.You could be stranded.

Worst scenario - You loose both your ID and ATM(Yes, you will Block your ATM)but somehow they both find their way to River Road and the way you sign on your ID is the same way You sign In your account.
OR A cheque you wrote(or a blank cheq) and misplaced and you forgot to stop it is presented for payment against your account.

If a fraudster were to present these in your absence, the bank has nothing to go by other than KYC.
They will use the details you gave them to interview the fraudster. If your details are sketchy(or is just an ID) you can see the risk.

The information you give the bank is very important and CONFIDENTIAL especially if you transact heavily or you write cheques regularly.

Fraudters have become supersmart.They are even accessing credit(Loans) in other peoples names.

The small details that you take for granted can determine whether you will be hit or not.

KYC is useful to the bank as much it is useful to us as customers.
Equity could be opening accounts using IDs only but I'm sure if you gave them more details they would gladly accept.

I would NOT be surprised if most of the 'private' information going to fraudsters comes from banks & brokers.

They have copies of IDs, (now) PINs, full names, addresses, phone numbers, financial details, e-mails...

Those KYC requirements are crap.

Sample this:
Stanchart - say you want to upgrade your normal diva/all-in-one account to excel or the X account.. they tell u to bring a photo again, and ID copy, and all those other things. Yet they already have your details...
u want to open a savings account - same crap.
NIC - You have an account there, even a credit card. You want to open another joint account, or say a dollar account, they tell u bring ID+passport+bill+new form..
Even worse, u decide to open a CDSC account using them, since you have a working relationship with them, they tell u same crap. Why do we give them those things in the first place, if they cant refer to them?

And that utility bill, hell if i just need an account, u want to know where i live, fine. I can move next month, and not update the bank. so how does it help? i always wonder what happens if i am living with my parents or my relatives, what "utility bill" do i provide?

Waste of time, and resources.. Dont i love Equity..

@chali - Nope, not looking for a loan either at any bank. CFC, I&M, NIC, no-one...

And I think my relas know who I am...!!! No KYC needed there!