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Banking Regulations and Laws in Uganda

1. Financial Intelligence Authority (FIA)

The Financial Intelligence Authority (FIA) plays a crucial role in enhancing the identification of proceeds of crime and combating money laundering in Uganda. Key responsibilities include:

• Enhancing the identification of proceeds of crime
• Combating money laundering
• Exercising supervisory powers over banks to prevent money laundering and counter-terrorism financing

2. Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) Requirements

Banks in Uganda must adhere to strict AML/CFT requirements, which include:

• Registration with the FIA: Banks must register with the FIA as accountable persons.
• Customer Identification: Customer identification involves verifying true names, address, employment, and occupation at onboarding, with continuous identity verification throughout the relationship.
• Risk Assessment Measures: Risk assessment measures are implemented to detect and monitor money laundering and terrorism financing.

3. Deposit Protection Fund

The Financial Institutions Act establishes a deposit protection fund for customers of licensed financial institutions in Uganda. The fund is managed by the Deposit Protection Fund Board, which:

• Receives contributions from financial institutions
• Pays out up to UGX10 million (approximately USD2,643.04) per customer in case of a bank’s closure

4. Bank Secrecy

Confidentiality is a fundamental aspect of the banker-customer relationship under Ugandan law. Banks owe customers a duty of confidentiality, which may be overridden in four instances:

• Compulsion of Law: When required by law to disclose information.
• Public Interest: When disclosure serves the public interest.
• Bank Interests: When disclosure is necessary for the bank’s interests.
• Disclosure of Fraud: When disclosure is necessary to prevent or detect fraud.