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Uganda’s Anti-Money Laundering Regulations: A Guide to Compliance

KAMPALA, UGANDA - As Uganda continues to strengthen its efforts against money laundering and terrorist financing, businesses operating in the country are required to comply with strict anti-money laundering (AML) regulations. Shufti Pro, a leading identity verification provider, has outlined key guidelines for companies to ensure compliance with Uganda’s AML laws.

Identity Verification: Documents Required

According to Uganda’s regulations, the following documents are considered proof of identity:

  • Identity Card
  • Driving Licence
  • Passport

For address verification, the following documents are accepted:

  • Current utility bill (gas, electricity, telephone, or mobile phone bill)
  • Bank statement
  • Government-issued document showing name and address

Timing of Verification

Identity verification is not a one-time process. It requires multiple instances, depending on the company’s requirements and conveyance to Shufti Pro. The application and timing of identity verification depend on when a new customer is onboarded or when transaction data is processed.

Politically Exposed Persons and Enhanced Due Diligence

Uganda’s regulations require companies to identify Politically Exposed Persons (PEPs) and high-risk customers. Shufti Pro provides AML screening services, which screen individuals against global regulatory authorities’ watchlists and databases.

Reliance on External Services

Companies may seek the services of a third-party provider for due diligence measures. However, they remain liable for maintaining compliance with AML and Know Your Customer (KYC) obligations.

Record Retention

According to Uganda’s Act, companies are required to retain data for at least 10 years. This is part of their AML and KYC obligations for due diligence. If a third-party provider processes, collects, and manages this information, the company remains liable to collect necessary Due Diligence Data without undue delay.

By understanding these guidelines, businesses operating in Uganda can ensure compliance with anti-money laundering regulations and maintain a secure and trustworthy reputation. Shufti Pro is committed to helping companies navigate these requirements and stay ahead of the curve in the fight against financial crime.