Ugandan Court Faults Equity Bank for Freezing Client’s UGX85 Million

Justice Ssekaana ruled that while banks have a duty to ensure compliance with anti-money laundering regulations, they must do so within the confines of the law and reasonable due diligence. The judgment noted that Equity Bank did not report the transaction to the FIA within the legally mandated 48-hour window but only did so 16 days later, after legal action had commenced.