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

by Muhereza Kyamutetera
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.

In a ruling that could redefine customer-bank relationships in Uganda’s financial sector, the High Court of Uganda has found Equity Bank Uganda Limited guilty of unlawfully freezing a customer’s account,…

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.

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