Financial Crime World

Title: Uganda Securities Exchange Reminds Agents of “Know Your Customer” Regulations and Required Documents

Notice from Uganda Securities Exchange Limited (USE)

The Uganda Securities Exchange Limited (USE) has issued a notice to all its agents, emphasizing the importance of complying with the regulations set by the Anti Money Laundering Regulations No 75 of 2015 and Operating Procedure no. 3 under the USE SCD Operating Procedures of 2015.

Required Documents for account opening

Following are the documents required for different categories of account applicants, adhering to the “Know Your Customer” regulations.

Individuals

  • Three passport-sized photos
  • Identification documents: National IDs, Passports, or Driving Permits
  • Fully completed and executed Form 1A
  • Summary of the nature of business activities or source of income
  • Disclosure of the client’s risk appetite

For individuals from outside Uganda:

  • Certified copies of passports
  • Proof of income or business activities
  • Same disclosure as locals

Minors

  • Three passport photos
  • Birth certificate or certified copy of passport
  • Details of parents/legal guardians
  • Fully completed and executed Form 1A

Companies

  • Certificate of Incorporation and notarized documentation for foreign companies
  • Business trade name
  • Articles and memorandum of association
  • Board resolution approving the account opening
  • Proof of identity for signatories
  • Fully completed and executed Forms 1A and 1B for signatories

Clubs, Associations, and Committees

  • Certified proof of registration
  • Constitution/ memorandum of understanding
  • Resolution approving the account opening
  • Proof of identity for proposed signatories
  • Three passport photos of proposed signatories
  • Fully completed and executed Forms 1A and 1B

Partnerships

  • Registered partnership deed
  • Certificate of registration
  • Legal document listing authorized signatories
  • Mandate for opening the account
  • Proof of identity for proposed signatories
  • Three passport photos of proposed signatories
  • Fully completed and executed Forms 1A and 1B

Sole Proprietorships (if applicable)

  • Certificate of registration
  • Declaration of terms
  • Application to open an account
  • Proof of identity for proposed signatories
  • Three passport photos of proposed signatories
  • Fully completed and executed Forms 1A and 1B

Estate Accounts

  • Proof of appointment (Letters of Administration/Probate and will)
  • Proof of identity for proposed signatories
  • Three passport photos of proposed signatories
  • Fully completed and executed Forms 1A for all signatories

Note: These requirements may vary for specific cases, and all documents must be fully filled, authorized, and stamped by the relevant authorities. Failure to provide these documents could result in the rejection of your application.

Contacting Uganda Securities Exchange Limited

For further information, please contact the Uganda Securities Exchange Limited.