Regulatory Alerts2023-03-01
Targeted Financial Sanctions Guidelines for Supervised Financial Institutions
The Bank of Uganda’s Supervision Directorate issued these updated guidelines to require supervised financial institutions to immediately verify, freeze, or seize funds of designated terrorists upon notification from the Financial Intelligence Authority. Institutions must halt related transactions without prior notice, preserve frozen assets, and submit detailed account particulars to the authority. The framework further prohibits dealings with designated entities and mandates that boards, senior management, and staff maintain familiarity with the 2023 Anti-Terrorism Regulations to ensure compliance.
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