Updating the Banking Sector Money Laundering and Terrorism Financing Risk Assessment Using Data

BANK OF UGANDA

OFFICE OF
THE EXECUTIVE DIRECTOR
SUPERVISION

37-45 KAMPALA ROAD,
P.O. BOX 7120,
KAMPALA

DIRECT LINE: 256-414-230051
GENERAL LINE: 256-414-258441
Ext 2403
FAX LINE: 256-414-258515
TELEX: 256-414-61059

CABLES: UGABANK
Email: info@bou.or.ug
Website: www.bou.or.ug

EDS.306.2

29th March 2022

Circular to All Chief Executive Officers (CEOs) of Commercial Banks, Credit Institutions and Micro finance Deposit-taking Institutions

Updating the Banking Sector Money Laundering and Terrorism Financing (ML/TF) Risk Assessment using data as at 31 December 2021

Bank of Uganda (BOU) has commenced the process of updating the Banking Sector ML/TF Risk Assessment using data as at 31 December 2021 which will be based on the Revised AML/CFT Data Collection Tool: as uploaded on the BSA.

The result of the ML/TF Banking Sector Risk Assessment will be used to facilitate the establishment of the AML/CFT Risk Based Supervision Framework as well as develop the Financial Year 2022/2023 AML/CFT Supervisory Plan/Cycle. Additionally, the exercise is expected to enable BOU effectively identify, assess and understand the ML/TF risk profile of each of the Supervised Financial Institutions (SFIs), take appropriate Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) supervisory and statutory measures commensurate to the identified risks of the SFI, enable the SFIs to adequately apply AML/CFT preventive measures commensurate with their risks, and report suspicious transactions in accordance with the Anti-Money Laundering Act (AMLA), 2013, the implementing Regulations and recommended International best practices.

In accordance with Section 80 of the Financial Institutions Act, 2004 and Section 56 of the MDI Act, 2003, Bank of Uganda hereby requests all SFIs to complete and submit, via BSA, the AML/CFT information using the Revised AML/CFT Data Collection Tool. Additionally, SFIs should submit the soft copies of the latest AML/CFT Internal Audit Reports, independent/External Auditor reviews and AML/CFT Risk Assessment Report via breturns@bou.or.ug by 12th April 2022.

For any further clarifications, please contact Mr. Patrick Okettayot on pokettayot@bou.or.ug or Mr. Godwin Ssennyondo Nakaana on gssennyondo@bou.or.ug; telephone number 0414-258441, Ext 3314/3318/3235 respectively. Attached is the detailed compilation notes of the Revised AML/CFT Data Collection Tool.

Yours faithfully,

[Signature]

Hannington Wasswa
Ag. Executive Director Supervision

Mission: To Foster Price Stability and a Sound Financial System Vision: To be a Centre of Excellence in Upholding Macroeconomic Stability