Regulatory Alerts2010-01-01
Financial Institutions (Anti-Money Laundering) Regulations, 2010
Issued by the Central Bank of Uganda, these regulations mandate all financial institutions to establish comprehensive anti-money laundering programmes and strict "Know Your Customer" procedures. Institutions must verify customer identity, maintain records for at least ten years, and promptly report suspicious or large cash transactions to law enforcement and the Central Bank. Non-compliance triggers administrative sanctions, including credit suspensions or officer removals, alongside criminal fines and imprisonment.
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