Regulatory Alerts2013-01-01
Financial Institutions Foreign Exchange Business Amendment Rules 2013
The Bank of Uganda issued the 2013 Financial Institutions (Foreign Exchange Business) (Amendment) Rules to update statutory definitions and mandate strict counterfeit currency protocols. Financial institutions must now verify exchanged foreign notes are legal tender, retain suspected counterfeits with serial-numbered receipts, and immediately notify police if customers refuse surrender. Seized notes are forwarded to the central bank for processing, while aggrieved parties retain statutory appeal rights.
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