Regulatory Alerts2022-08-01
Suspicious Transactions and Activity Reporting Guidelines for Supervised Financial Institutions
Issued by the Bank of Uganda, these guidelines mandate that all supervised financial institutions implement comprehensive Suspicious Transaction and Activity Reporting (STR/SAR) frameworks to combat money laundering and terrorist financing. Institutions must file reports via the goAML platform within two working days of forming suspicion, while maintaining automated transaction monitoring systems, clear internal escalation protocols, and strict prohibitions against tipping off customers. The guidelines establish technical standards for identifying suspicious activities, protect reporting staff from civil and criminal liability, and require retaining relevant customer and transaction records for a minimum of ten years.
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