Regulatory Alerts2004-01-01
Financial Institutions Act CAP 57
Issued by the Bank of Uganda, this Act establishes a comprehensive regulatory framework for licensing, capital adequacy, and corporate governance of financial institutions operating in Uganda. It mandates strict adherence to minimum capital and liquid asset requirements, defines fit-and-proper shareholder criteria, and grants supervisory authorities enhanced powers for inspection, corrective actions, management takeovers, and receivership. The legislation also codifies rules for Islamic banking, bancassurance, deposit protection funding, and foreign exchange operations while standardizing financial reporting, external audit obligations, and money laundering controls.
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