Uganda Anti-Money Laundering Regulations: Section 21 Summary

Overview of Section 21: Establishing Identity of Local Entities and Other Bodies

Section 21 outlines the procedures for verifying the identity of local entities and bodies to prevent illicit financial transactions.

Key Requirements for Verifying Entity Identity

To comply with anti-money laundering regulations, an accountable person must obtain the following information from a local entity or body:

• Entity Details
  • Registered name and address
  • Trade name (if different)
  • Proof of registration or incorporation
  • Written authorization to open an account
• Natural Person Information
  • Details of natural persons managing, controlling, or owning the entity
• Financial Statements
  • Audited financial statements for the last year (where applicable)
  • Un-audited financial statements for the last year (where applicable)

Verification Procedures

The accountable person must verify this information by:

• Document Comparison: Comparing incorporation documents with those held by the Registrar of Companies
• Physical Verification: Physically verifying the location of the head office or other place of business
• Independent Verification: Independently verifying information about directors, senior management, shareholders, partners, or other authorized persons

Alternative Verification Methods

If it is not possible to verify entity identity in the above manner, an accountable person may use other independent and reliable sources while considering the risk posed by the entity’s nature and business.