Financial Crime World

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Uganda’s AML/KYC Regulations: Ensuring Compliance with Shufti Pro

KAMPALA, UGANDA - In a bid to combat money laundering and terrorist financing, the Ugandan government has implemented strict Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations. As part of these efforts, Shufti Pro, a leading provider of AML/KYC solutions, is committed to helping businesses comply with these requirements.

Verifying End-User Identity

As per the regulations, Shufti Pro shall verify the identity of end-users by scrutinizing submitted documents using its specialized Document Verification service. This includes checks on security features such as:

  • Holograms
  • Tapered/crumpled edges
  • Doctored elements
  • Form inconsistencies
  • Document expiration
  • MRZ (Machine Readable Zone)
  • Reflected colors
  • Microprinting

Required Documents for Verification

In Uganda, the following documents are considered proof of identity:

  • Identity Card
  • Driving Licence
  • Passport

For address verification, the following documents are accepted:

  • A current utility bill (issued no more than three months ago) showing the end-user’s address and name
  • Bank statement (issued no more than three months ago) showing the end-user’s address and name
  • A document issued by a government department showing the end-user’s address and name

Timing of Verification

Identity verification is not limited to a one-time, one-instance process. It is required in multiple instances as per regulations. The application and choice of when to deploy identity verification procedures depend on your requirements and conveyance to Shufti Pro.

Politically Exposed Persons (PEPs) and Enhanced Due Diligence

As per the Enhanced Due Diligence requirements under Uganda’s regulations, businesses are required to determine if customers are PEPs or exhibit a higher risk profile. Shufti Pro provides AML Screening services to help fulfill these obligations. The service screens an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.

Reliance on External Services

Uganda regulations state that businesses may seek the services of a third party to apply measures of due diligence. However, they remain liable for maintaining all compliance and fulfilling AML/KYC obligations.

Record Retention

As per Uganda’s Act, businesses are required to retain data for not less than ten years as part of their AML/KYC obligations for due diligence.

By partnering with Shufti Pro, businesses in Uganda can ensure compliance with these regulations and reduce the risk of money laundering and terrorist financing.