Regulatory Alerts2022-06-01
Payment of Pensions and Gratuity for Military Veterans
The Bank of Uganda directs commercial banks to support the Ministry of Defense and Veterans Affairs in disbursing pensions and gratuity to military veterans and their survivors. Banks must comply with the Financial Institutions Act 2004 regarding dormant accounts to prevent premature closure and bounced payments, while promptly reactivating accounts upon receiving MoDVA's claimant lists. Additionally, banks are required to fast-track payment verification for beneficiaries receiving arrears without compromising anti-money laundering due diligence requirements.
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