Uganda Regulation

Parliament of Uganda

Anti-Money Laundering Regulations, 2015

Jurisdiction: Uganda
Structure: 22 provisions
Citation: Statutory Instrument 75 of 2015
Dates: Undated source snapshot

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Dates: Undated source snapshot

Source attribution: Source: Uganda Legal Information Institute

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“The regulations may be cited as the Anti-Money Laundering Regulations, 2015.”

The regulations may be cited as the Anti-Money Laundering Regulations, 2015. Defines terms used in the Regulations such as "Act", "Authority", "customer", "wire transfer", and related financial and transactional definitions. The Authority must establish and maintain an electronic (or other approved) register of accountable persons, record details of all registered accountable persons, make the register public and post the list on its website. Accountable persons must register with the Authority (within one year from commencement or another period the Authority specifies), apply using Form 1, and provide specified identity and contact details including proof of registration when not an individual. If particulars of an accountable person in the register change, the accountable person must notify the Authority within fifteen days and make the notification using Form 2 in the Schedule.

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Preliminary - Title

The regulations may be cited as the Anti-Money Laundering Regulations, 2015.

Section 1

Money laundering control officers - Money laundering control officer

Every accountable person who maintains accounts for clients or customers shall appoint or designate a money laundering control officer and notify the Authority using Form 3; notifications of cessation must be made within fifteen days using Form 3.

Section 6

Reporting and record keeping requirements - Independent audit

An accountable person must carry out periodic independent audits to assess compliance, prepare a report for each audit, and make a copy of the report available to the Authority upon request.

Section 43

Special provisions in respect of certain accountable persons - Capital Markets Authority

When a person licensed by the Capital Markets Authority acquires the business of another financial institution, the acquiring person must perform customer due diligence on the customers acquired with the business at the time of acquisition unless certain…

Section 48

General - Supervision

Section 53

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Showing 22 of 22 provisions

Provision 19InterpretationCommencementAmendment

Part I

Preliminary

§ 1Preliminary - TitleProvision

The regulations may be cited as the Anti-Money Laundering Regulations, 2015.

Section Title Section These Regulations may be cited as the Anti-Money Laundering Regulations, 2015.

Section 1

§ 2Preliminary - InterpretationInterpretation

Defines terms used in the Regulations such as "Act", "Authority", "customer", "wire transfer", and related financial and transactional definitions.

Section Interpretation Section In these Regulations, unless the context otherwise requires— " Act " means the Anti-Money Laundering Act, 2013; " Authority " means the Financial Intelligence Authority established under Part IV of the Act ; " business relationship " means an arrangement between a person and an accountable person, where the purpose or effect of the arrangement is to facilitate the carrying out of a transaction between the person and the accountable person on a habitual, regular or one-off basis; " customer " in relation to a transaction or an account, means— (a) the person in whose name a transaction or account is arranged, opened or undertaken; (b) a signatory to a transaction or account; (c) a person to whom a transaction has been assigned or transferred; (d) a person who is authorised to conduct a transaction; or (e) a person prescribed by the Authority as a customer. " customs officer " has the meaning assigned to it in the East African Community Customs Management Act , 2004; " beneficiary financial institution " means a financial institution which receives a wire transfer from an ordering financial institution directly or through an intermediary financial institution and makes the funds available to the beneficiary; " cross-border wire transfer " includes— (a) a wire transfer , where either the ordering financial institution or the beneficiary financial institution is located outside Uganda; or (b) any chain of wire transfer in which at least one of the financial institutions involved is located outside Uganda; " domestic wire transfer " includes— (a) a wire transfer , where the ordering financial institution and beneficiary financial institution are located in Uganda; or (b) any chain of wire transfer that takes place entirely within Uganda, even though the system used to transfer the payment message may be located outside Uganda; " intermediary financial institution " means a financial institution in a serial or cover payment chain that receives and transmits a wire transfer on behalf of the ordering financial institution and the beneficiary financial institution or another intermediary financial institution; " legal arrangement " means an express trust or any other similar legal arrangement; " numbered account " means a bank account where the name of the account holder is kept secret, and the account holder is identified by means of a code word known only by the account holder and a restricted number of bank employees; " ordering financial institution " means a financial institution which initiates the wire transfer and transfers the funds upon receiving the request for a wire transfer on behalf of the originator ; " originator " means an account holder who allows the wire transfer from an account, or where there is no account, the person that places the order with the ordering financial institution to perform the wire transfer ; " wire transfer " means a transaction carried out on behalf of an originator through a financial institution by electronic means with a view to making an amount of funds available to a beneficiary person at a beneficiary financial institution , irrespective of whether the originator and the beneficiary are the same person.

Section 2

Part II

Registration of accountable persons

§ 3Registration of accountable persons - Register of accountable personsProvision

The Authority must establish and maintain an electronic (or other approved) register of accountable persons, record details of all registered accountable persons, make the register public and post the list on its website.

Section Register of accountable persons Section The Authority shall establish and maintain a register of accountable persons. The register shall be kept in electronic form or some other appropriate form determined by the Financial Intelligence Authority Board. The Authority shall record in the register details of all accountable persons registered by the Authority . The Authority shall make the register available to the public and shall post the list of accountable persons on the Authority ’s website.

Section 3

§ 4Registration of accountable persons - Registration of accountable personsCommencement

Accountable persons must register with the Authority (within one year from commencement or another period the Authority specifies), apply using Form 1, and provide specified identity and contact details including proof of registration when not an individual.

Section Registration of accountable persons Section Without prejudice to subregulation (1), an accountable person shall, for purposes of registration, provide the following details to the Authority — Every accountable person shall register with the Authority , within one year from the commencement of these Regulations, or such other period as the Authority may specify. An accountable person shall apply for registration using Form 1 in the Schedule. the name of the accountable person; the physical, postal and email address of the accountable person; the status and proof of registration or incorporation of the accountable person, where the accountable person is not an individual.

Section 4

§ 5Registration of accountable persons - Notification of change of registered particulars of accountable personsProvision

If particulars of an accountable person in the register change, the accountable person must notify the Authority within fifteen days and make the notification using Form 2 in the Schedule.

Section Notification of change of registered particulars of accountable persons Section Where the particulars of an accountable person contained in the register change, the accountable person shall, within fifteen days after the change, notify the Authority . The notification under subsection (1) shall be made using Form 2 in the Schedule.

Section 5

Part III

Money laundering control officers

§ 6Money laundering control officers - Money laundering control officerProvision

Section Money laundering control officer Section Without prejudice to subregulation (3), the following persons do not qualify to be appointed as a money laundering control officer— Every accountable person who maintains accounts for clients or customers shall appoint or designate a money laundering control officer. An accountable person shall notify the Authority of the appointment or designation of a money laundering control officer using Form 3 in the Schedule. A person shall not be appointed a money laundering control officer unless that person occupies a senior managerial position and possesses sufficient professional experience and competence in the business of the accountable person. an internal auditor; or a chief executive officer or a person of a similar rank, except where the accountable person is a sole proprietorship or a single member company. Where a person ceases, for any reason, to be a money laundering control officer, the accountable person shall notify the Authority of such fact. The notification under subregulation (5) shall be made within fifteen days after the person ceases to be a money laundering control officer. The notification under subregulation (5) shall be made using Form 3 in the Schedule.

Section 6

§ 7Money laundering control officers - Role of money laundering control officerProvision

Defines the role and duties of a money laundering control officer and requires accountable persons to ensure staff report suspicious activity and to give the officer access to relevant information.

Section Role of money laundering control officer Section The role of a money laundering control officer is— to act as the liaison person between the accountable person and the Authority in matters relating to coordination and compliance to anti-money laundering and combating terrorism financing; to develop and implement systems, mechanisms and procedures to ensure that the staff of the accountable person immediately report any suspicious money laundering or financing of terrorism activity; to notify the Authority , on behalf of the accountable person, of any suspicious money laundering or financing of terrorism activity. For the purposes of this regulation, an accountable person shall ensure that all staff report any suspicious activity relating to money laundering and terrorist financing to the money laundering control officer. An accountable person shall provide the money laundering control officer access to any information which may be of assistance to the officer to discharge his or her roles under these Regulations.

Section 7

Part VI

Reporting and record keeping requirements

§ 39Reporting and record keeping requirements - Accountable person to report suspicious activities and certain cash transactionsProvision

Accountable persons must report suspicious transactions to the Authority (using Form B) after investigating and being satisfied they are suspicious, and must file reports on cash/monetary transactions equal to or exceeding one thousand currency points (using Form A).

Section Accountable person to report suspicious activities and certain cash transactions Section An accountable person shall, upon investigating and being fully satisfied that the transaction or activity is suspicious, notify the Authority of any suspicious activity or transaction which indicates possible money laundering or terrorism financing. The notification under subregulation (1) shall be made as soon as is practicable but in any case not later than forty eight hours after the occurrence of the suspicious activity or transaction, using Form B in the Schedule. An accountable person shall file reports with the Authority on all cash and monetary transactions equivalent to or exceeding one thousand currency points in any currency, whether or not the transaction appears to be suspicious, using Form A in the Schedule.

Section 39

§ 40Reporting and record keeping requirements - Requirement of supervisory authorities to report suspicious activitiesProvision

A supervisory authority must report any suspicious transaction or activity it becomes aware of to the Authority within forty eight hours.

Section Requirement of supervisory authorities to report suspicious activities Section A supervisory authority shall report to the Authority any suspicious transaction or activity that the supervisory authority is aware of, within forty eight hours of becoming aware of the activity.

Section 40

§ 41Reporting and record keeping requirements - Prohibition on tipping offProvision

Accountable persons and their directors or employees must not tell anyone (including customers) that a suspicious transaction/activity report or related information has been or is being sent to the Authority, or that a money‑laundering or terrorism‑financing investigation is or has been carried out.

Section Prohibition on tipping off Section An accountable person, a director or employee of an accountable person, shall not disclose to a person or customer the fact that a suspicious transaction or activity report or related information has been or is being submitted to the Authority or that a money laundering or terrorism financing investigation is being or has been carried out. Subregulation (1) does not preclude disclosure or communication between directors and employees of the accountable person and advocates or competent authorities.

Section 41

§ 42Reporting and record keeping requirements - Record keepingProvision

Accountable persons must keep transaction records (including specific instrument details) and retain customer due diligence records for at least five years; they must review existing relationship records every two years; the Authority must issue record-keeping guidelines.

Section Record keeping Section Subject to any written law, an accountable person shall keep and maintain records of all transactions for a minimum of five years from the date the relevant business or transaction is completed or following the termination of an account or business relationship . An accountable person shall keep all records obtained through customer due diligence measures for the period specified in sub regulation (1). Where a transaction involves a monetary instrument other than currency, the name of the drawer of the instrument, the name of the institution on which it was drawn, the name of the payee, if any, the amount and date of the instrument, the number of the instrument, if any, and details of any endorsements appearing on the instrument shall be recorded and retained. The record keeping requirements under these Regulations shall be without prejudice to any other records required to be kept by or under any other written law. An accountable person shall take reasonable steps, in respect of an existing business relationship , to maintain the correctness of records by undertaking a review every two years of the existing records, particularly for higher risk categories of customers or business relationships. The Authority shall issue guidelines or directives regarding record keeping including backup and recovery procedures. Any records kept under the Act and these Regulations may, subject to restrictions imposed by law, be made available to a competent authority.

Section 42

§ 43Reporting and record keeping requirements - Independent auditProvision

An accountable person must carry out periodic independent audits to assess compliance, prepare a report for each audit, and make a copy of the report available to the Authority upon request.

Section Independent audit Section An accountable person shall carry out periodic independent audits to assess its compliance with the requirements of the Act and these Regulations. An accountable person shall prepare a report of every independent audit carried out and a copy of the report shall, upon request, be made available to the Authority .

Section 43

§ 44Reporting and record keeping requirements - High risk countriesAmendment

The Authority must identify high-risk countries for money laundering and terrorism financing and prescribe measures to be applied by accountable persons; the Authority may require supervisory authorities to take specified actions.

Section High risk countries Section For the purposes of subregulation (1), the measures shall include— The Authority may also require a supervisory authority to take certain actions with respect to countries identified as high risk including— The Authority shall identify high-risk countries in respect of money laundering and terrorism financing and shall prescribe, by notice in the Gazette , measures to be applied by accountable persons in respect of a person or customer from, or transactions involving, those countries. applying specific elements of enhanced due diligence such as obtaining additional information on the customer , purpose of transactions, nature of the business relationship and the source of funds or wealth of the customer ; obtaining senior management approval to continue the relationship; increased monitoring of transactions; reviewing, amending and if necessary, terminating of correspondent banking relationships. imposing additional reporting requirements on accountable persons; refusing the establishment in Uganda of subsidiaries or branches or representative offices of accountable person from that country; prohibiting accountable person from establishing branches or representative offices in the country identified by the Authority ; requiring accountable persons to limit business relationships or financial transactions with the country or persons in that country; increasing supervisory examinations or external audit requirements for branches and subsidiaries in Uganda of accountable persons from the country identified; and requiring increased external audit requirements by accountable persons of their branches and subsidiaries located in the country identified.

Section 44

§ 45Reporting and record keeping requirements - Annual compliance reportProvision

Every accountable person must submit to the Authority an annual compliance report describing their level of compliance with the Act and Regulations and their internal AML/CFT policy.

Section Annual compliance report Section At the end of each calendar year, every accountable person shall— submit to the Authority a compliance report setting out the level of compliance with the Act and these Regulations; and the internal anti-money laundering and combating terrorist financing policy of the accountable person. The accountable person shall submit the compliance report to the Authority by the thirty first day of January of the following calendar year or as may be required by the Authority .

Section 45

Part VII

Special provisions in respect of certain accountable persons

§ 46Special provisions in respect of certain accountable persons - Central BankProvision

The Central Bank must, during an onsite examination of a financial institution, satisfy itself that the institution has specified customer identification, due diligence, record-retention and identity-verification procedures.

Section Central Bank Section The Central Bank shall, during onsite examination of a financial institution, satisfy itself that the financial institution has— sound know your customer procedures, customer due diligence measures and enhanced due diligence procedures for high risk customers and transactions; a criteria to retain records pertaining to customer identification and transactions as required by the Act and these Regulations; a criteria for verifying the identity of persons or customers in accordance with the Act and these Regulations.

Section 46

§ 47Special provisions in respect of certain accountable persons - Banks or other financial institutions to have know your customer policiesProvision

Banks and other financial institutions must have sound know-your-customer policies or procedures.

Section Banks or other financial institutions to have know your customer policies Section A bank or any other financial institution shall have sound know-your customer policies or procedures.

Section 47

§ 48Special provisions in respect of certain accountable persons - Capital Markets AuthorityProvision

Section Capital Markets Authority Section Where a person licensed by the Capital Market Authority acquires, either in whole or in part, the business of another financial institution, whether in Uganda or elsewhere, the acquiring person shall perform customer due diligence on the customers acquired with the business at the time of acquisition except where the acquiring person has— acquired at the same time all corresponding customer records including customer identification information and has no doubt or concerns about the veracity or adequacy of the information acquired; and conducted due diligence enquiries that have not raised any doubt on the part of the acquiring person as to the adequacy of anti-money laundering and financing of terrorism measures previously adopted in relation to the business.

Section 48

Part VIII

General

§ 49General - Verification of ministries, department and agenciesProvision

An accountable person shall verify the identity of any organ of state including a government ministry, department, agency, embassy or parastatal.

Section Verification of ministries, department and agencies Section An accountable person shall verify the identity of any organ of state including a government ministry, department, agency, embassy or parastatal.

Section 49

§ 50General - Failure to provide proof of identityProvision

An accountable person may exempt someone unable to provide proof of identity if satisfied they have an acceptable reason; where exempted, the accountable person must record the reason.

Section Failure to provide proof of identity Section A person who is unable to provide proof of identity under these Regulations, may be exempted from the requirements relating to proof of identity, but only where the accountable person is satisfied that the person or customer has an acceptable reason for being unable to provide proof of identity. Where an accountable person exempts a person or customer from the requirements relating to proof of identity, the reason for the exemption shall be recorded.

Section 50

§ 51General - Proof of permanent addressProvision

Where a person or customer is required to provide a permanent address, that person or customer must provide a permanent address.

Section Proof of permanent address Section Where in these Regulations a person or customer is required to provide a permanent address, the permanent address provided may be confirmed using— utility bills; a letter from a public authority or embassy or consular office; a recent lease or rental agreement; or any information or document from a credible and independent source.

Section 51

§ 52General - Sharing of informationProvision

The Authority may share information it collects with various domestic or foreign regulatory, fiscal, investigative or law enforcement agencies to facilitate administration and enforcement, and may request such authorities to provide information to it for supervision and enforcement purposes.

Section Sharing of information Section The Authority may make information collected by it available to any financial regulatory authority, supervisory authority, fiscal or tax agency, or fraud investigations agency or the appropriate law enforcement authority within or outside Uganda to facilitate the administration and enforcement of the provisions of the Act and these Regulations. The Authority may request a supervisory authority, a monetary or financial regulatory authority to provide it with such information for purposes of supervising and enforcing compliance to the provisions of the Act and these Regulations.

Section 52

§ 53General - SupervisionProvision

A supervisory authority must supervise accountable persons and has specified powers to collect information, compel documents, apply sanctions, issue instructions, cooperate with other authorities, verify foreign branches, notify the Authority of suspicious matters, set standards, maintain statistics and determine measures; it may take enforcement actions when persons fail to comply and must report refusals to the Authority.

Section Supervision Section For the purposes of subregulation (1), a supervisory authority shall have the following powers and duties— Where an accountable person or any of its directors, board members, executive or supervisory management members or members of senior management fails to comply with the Act or these Regulations, the supervisory authority may— A supervisory authority shall supervise an accountable person to ensure that the accountable person complies with the requirements of the Act and these Regulations. to collect information and other data from accountable persons to enable the conduct of on-site examinations; to compel accountable persons to provide any information and to take copies of documents and files; to apply measures and impose sanctions against accountable persons for non-compliance with the provisions of the Act and these Regulations; to issue instructions to assist accountable persons in complying with obligations under the Act and these Regulations; to cooperate and share information with other competent authorities or any foreign authority concerned with combating money laundering or terrorism financing; to verify that foreign branches and majority owned subsidiaries of an accountable person adopt and enforce measures consistent with the Act and these Regulations to the extent permitted by the laws of the host country; to promptly notify the Authority of any transactions, activities or facts that could be related to money laundering or terrorism financing; to establish and apply efficiency and adequacy processes, and includes standards relating to the experience and integrity of board members, executive or supervisory management members and standards for owning or controlling significant shares of an accountable person; to maintain statistics concerning measures adopted and sanctions imposed; and to determine the type and extent of measures to be taken by accountable persons under these Regulations. issue a written warning to the accountable person; issue an order to the accountable person to comply with specific instructions; issue an order to the accountable person requiring the accountable person to make regular reports on the measures taken to address the identified violations; ban individuals responsible for the violation from employment within certain relevant sectors for a period to be determined by the supervisory authority; restrict the powers of directors, board members, executive or supervisory management members and controlling owners of the accountable person; require the accountable person to suspend, dismiss or replace a director, member of the board of directors or any member involved in executive or supervisory management responsible for the violation. Where an accountable person fails, neglects and or refuses to comply with the provisions of the Act or these Regulations, the supervisory authority shall make a report of such fact to the Authority , and notify the Authority of the action taken to address the noncompliance.

Section 53

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