Bank of Uganda Money Laundering and Terrorism Financing Risk Assessment

BANK OF UGANDA

OFFICE OF
THE EXECUTIVE DIRECTOR
SUPERVISION

EDS.306.2

08 October 2019

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

Circular to all Chief Executives Officers of Commercial banks, Credit Institutions and Microfinance Deposit - Taking Institutions

Money Laundering and Terrorism Financing (ML/TF) Risk Assessment

Bank of Uganda has commenced the process of conducting the Banking Sector Money Laundering and Terrorism Financing (ML/TF) risks assessment in order to facilitate the implementation of a Risk Based Approach to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) on-site examination. This process is expected to enable Bank of Uganda promptly identify, assess and understand the ML/TF risks to which Supervised Financial Institutions (SFIs) are exposed and take appropriate AML/CFT measures commensurate to the identified risks as well as enable SFIs implement effective measures to prevent or mitigate ML/TF risks.

Therefore, in accordance with Section 80 of the Financial Institutions Act, 2004; and Section 55 of the MDI Act, 2003, Bank of Uganda hereby requests your institution to complete and submit to Bank of Uganda the AML/CFT information listed below by Friday, 18 October 2019.

i. A complete Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Assessment Questionnaire (Schedule A) and Data Collection Tool (Schedule B) attached to this letter. The completed information should be as at September 30, 2019
ii. The Structure of the AML/CFT Compliance team, including the job description of each of the team members.
iii. Copies of the AML/CFT Internal Audit and Compliance monitoring Reports for the year 2018 and 2019.
iv. The latest copy of the AML/CFT Risk Assessment Report.

Please note that whereas the information listed above has been regularly requested by BOU from individual SFIs to facilitate the AML/CFT on-site examination of the SFI, the purpose of this request is to enable the collection of the data for AML/CFT risk assessment as at 30 September 2019 across all the SFIs. The information listed in (i) to (iv) above should be provided in soft copy to Patrick Okettayot though breturns@bou.or.ug. For any further clarifications, please contact Mr. Patrick Okettayot on Mobile number 0701103616 or telephone number 0414-258441, Ext 3314/3318.

[Signature]

Charles Okello Owiny
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