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Bank of Uganda Issues Guidelines on Know Your Customer Requirements

Kampala, Uganda - The Bank of Uganda has issued new guidelines on Know Your Customer (KYC) requirements for individuals and entities operating in the country. The guidelines aim to ensure that financial institutions comply with anti-money laundering regulations and prevent fraud.

KYC Requirements for Individual Bank Accounts

According to the guidelines, individual bank accounts held by citizens and legal residents, including refugees, require specific documentation, including:

  • National ID card or alien ID card
  • Address
  • Phone number
  • Email address
  • Banks may seek further proof of identity from prospective clients and confirm immigration status with relevant government authorities.

KYC Requirements for Non-Resident Foreign Nationals

For non-resident foreign nationals, the guidelines stipulate that they must provide:

  • Name
  • Residential address
  • Phone number
  • Email address
  • Passport details
  • Visa status
  • Tax ID number (where applicable)
  • Banks are required to confirm immigration details with the Uganda Citizenship and Immigration Control Board and banking and financial details with the individual’s bank in their country of origin or residence.

KYC Requirements for Individual Mobile Money Accounts

Individual mobile money accounts, which require a SIM card to operate, need:

  • National ID number or national ID card
  • However, in the absence of specific verification requirements for individuals under anti-money laundering regulations, there are no specific verification procedures outside of reviewing customer identity documents.

KYC Requirements for Individual Banking Agents

The Bank of Uganda has also issued guidelines on KYC requirements for individual banking agents. Sole proprietorships and partnerships are required to provide:

  • National ID cards
  • Addresses
  • Phone numbers
  • Email addresses
  • Banks are required to conduct a suitability assessment that considers factors such as:
    • Credit history
    • Criminal record
    • Experience

Enhanced Due Diligence

The guidelines emphasize the importance of banks applying enhanced due diligence to higher-risk individuals and accounts, and simplified due diligence to lower-risk individuals and accounts.

Quote

“The Bank of Uganda is committed to ensuring that financial institutions comply with anti-money laundering regulations and prevent fraud,” said a spokesperson for the bank. “These guidelines aim to provide clarity on KYC requirements for individual and entities operating in Uganda.”

Availability of Guidelines

The guidelines are available on the Bank of Uganda’s website and are expected to be implemented by financial institutions across the country.

Contact Information

For more information, please contact:

  • [Name] Public Relations Officer Bank of Uganda Phone: [phone number] Email: [email address]