Regulatory Alerts2022-01-01
Risk Assessment Guidelines for Supervised Financial Institutions in Uganda
Issued by the Bank of Uganda, these guidelines mandate that Supervised Financial Institutions implement a Risk-Based Approach to identify, assess, and mitigate Money Laundering, Terrorism Financing, and Proliferation Financing risks across their operations. Institutions must conduct entity-level assessments covering customer, transaction, geographic, and delivery channel risks, establish proportionate policies and three-lines-of-defence governance structures, and submit approved risk assessment reports to the regulator within 48 hours. The framework requires continuous monitoring and periodic reviews triggered by emerging threats, new products, or regulatory changes to ensure controls remain commensurate with evolving residual risks.
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