Regulatory Alerts2022-01-01
Targeted Financial Sanctions Guidelines for Supervised Financial Institutions
The Supervision Directorate of the Bank of Uganda has issued targeted financial sanctions guidelines requiring supervised financial institutions to implement comprehensive screening and asset-freezing measures against terrorism and proliferation financing. Reporting entities must immediately verify customers against United Nations Security Council lists, freeze or seize relevant funds upon Financial Intelligence Authority notification, and promptly report all frozen assets and related transactions. Institutions are mandated to establish robust internal policies, allocate adequate resources for due diligence and staff training, and conduct regular independent assessments to ensure continuous compliance with national regulations and FATF standards.