FXRegulatns 2006

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STATUTORY INSTRUMENTS

SUPPLEMENT No. 4 10th February, 2006


STATUTORY INSTRUMENTS SUPPLEMENT

to The Uganda Gazette No. 8 Volume XCVIX dated 10th February, 2006

Printed by UPPC, Entebbe, by Order of the Government.

STATUTORY INSTRUMENTS

2006 No. 10

THE FOREIGN EXCHANGE (FOREX BUREAUS AND


MONEY REMITTANCE) REGULATIONS, 2006
__________
ARRANGEMENT OF REGULATIONS
Regulation
PART I—PRELIMINARY
1. Title
2. Objectives
3. Interpretation

PART II—LICENSING OF FOREX BUREAUS

4. Transacting as a forex bureau without a licence prohibited


5. Application
6. Conditions for applying
7. Mode of application
8. Information and supporting documents
9. Factors to consider in making a decision to grant a licence
10. Application fees
11. Processing of application
12. Issuance and duration of licence
13. Renewal of licence

PART III—LICENSING OF MONEY REMITTANCE BUSINESS

14. Transacting money remittance business without a licence prohibited


15. Application for and grant of licence
16. Licence and application fees

21
Regulation

17. Validity and Transferability of licence


18. Renewal of licence
19. Security deposit
20. Customers’ funds to be kept separately

PART IV—OPERATIONAL GUIDELINES

21. Prohibition of dealings other than spot transactions


22. Payments and receipts
23. Customers’ duties and obligations as to the provision of
information
24. Display of exchange rates, licence, etc
25. Records and information to be furnished by licensee
26. Update of information
27. Submission of returns
28. Capital transactions

PART V—GENERAL PROVISIONS

29. Powers of the Bank of Uganda


30. Provision of information
31. Powers of inspection, entry, search and investigation
32. Power to issue directives
33. General requirements and provisions
34. Service of order, etc
35. Auditors
36. Opening and closing of branches
37. Particulars of staff of licensee

PART VI—REMEDIAL MEASURES AND


ADMINISTRATIVE SANCTIONS

38. Offences and penalties


39. Liability of directors, partners, etc
40. General remedial measures and administrative sanctions
41. Suspension of revocation of licence
42. Effect of revocation

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Regulation
PART VII—MISCELLANEOUS
43. Appeals
44. Anti-money laundering and the combating of the financing
of terrorism
45. Exemptions
46. Transitional provisions
47. Repeal and savings

SCHEDULES

SCHEDULE 1 CURRENCY POINT

SCHEDULE 2 FORM A -APPLICATION FOR NEW


APPLICANTS FOR FOREX BUREAU
LICENCE.
FORM B - BANK REFERENCE FOR FOREX
BUREAU LICENCE APPLICANT

SCHEDULE 3 RECOMMENDED MINIMUM STANDARDS


FOR FOREX BUREAUS AND MONEY
REMITTANCE BUSINESS PREMISES

SCHEDULE 4 FORM A- APPLICATION FOR RENEWAL OF


FOREX BUREAU LICENCE
FORM B-APPLICATION FOR RENEWAL OF
MONEY REMITTANCE LICENCE.

SCHEDULE 5 FORM A - APPLICATION FOR ISSUE OF A


MONEY REMITTANCE LICENCE
FORM B - INFORMATION SHEET

SCHEDULE 6 FORM A - MONEY REMITTANCE (SEND)


FORM
FORM B - MONEY REMITTANCE (RECEIVE)
FORM

SCHEDULE 7 FORM A - DAILY FOREX BUREAU BUYING


AND SELLING RATES
FORM B - WEEKLY/MONTHLY RETURN OF
SALES (OUTFLOWS) OF FOREIGN
CURRENCIES
FORM C - FOREIGN EXCHANGE INFLOWS
FORM D - FOREIGN EXCHANGE INFLOWS
(TRAVELLER’S CHEQUES)

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FORM E - FOREIGN EXCHANGE OUTFLOWS

SCHEDULE 8 FORM A- MONEY REMITTANCE (SEND)


WEEKLY RETURN
FORM B- MONEY REMITTANCE (RECEIVE)
WEEKLY RETURN
FORM C- MONEY REMITTANCE (SEND)
MONTHLY RETURN
FORM D- MONEY REMITTANCE (RECEIVE)
MONTHLY RETURN
FORM E- MONEY REMITTANCE MONTHLY
RETURN
FORM F- MONEY REMITTANCE MONTHLY
RETURN

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STATUTORY INSTRUMENTS

2006 No. 10.


The Foreign Exchange (Forex Bureaus and Money Remittance) Regulations,
2006

(Under sections 9(5), (6) and 18 (1) and (2) of the Foreign Exchange Act, 2004)
IN EXERCISE of the powers conferred upon the Bank of Uganda by sections
9(5), (6) and 18 (1) and (2) of the Foreign Exchange Act, 2004 and in consultation
with the Minister, these Regulations are made this 14th day of November, 2005.
PART I—PRELIMINARY
1. Title
These Regulations may be cited as the Foreign Exchange (Forex Bureaus
and Money Remittance) Regulations, 2006.

2. Objectives
The purpose of these Regulations is—
(a) to specify conditions for licensing and supervising persons licensed
to transact business as a forex bureau or carry on money
remittance business;
(b) to guide forex bureaus and persons licensed to carry on money
remittance business on the observance of the provisions of
the Act;
(c) to encourage the increased use of formal funds transfer systems
through the facilitation of foreign exchange transfers and
remittances that are timely, accessible, cost effective, reliable
and transparent; and
(d) to increase transparency of remittance and payment flows in and
outside Uganda by ensuring that anti-money laundering and
the combating of the financing of terrorism measures are
observed in forex bureau and money remittance businesses.
3. Interpretation
In these Regulations, unless the context otherwise requires—
“accounts” means a deposit or credit account with a bank such as a
demand, time, savings or passbook account;

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“account outside Uganda” means an account opened outside Uganda
by a designated resident person;

“Act” means the Foreign Exchange Act, 2004;

“bank” has the meaning assigned to it under the Financial Institutions


Act, 2004;

“branch” includes a new place of business, currency booth and


payment location booth;
“business” means a transaction in excess of US$ 20.00 or the
equivalent in any currency;
“Bank of Uganda” means the Bank of Uganda established by the Bank
of Uganda Act;
“base country” means the home country where an international money
transfer company is licensed;
“cash” means an instrument of payment such as coins, notes and other
similar items specified by the Bank of Uganda from time to
time;
“current receipts” include proceeds received by residents from export
of goods, services and earnings on labour and capital;
“currency point” means the value assigned to a currency point in the
Schedule 1 of these Regulations;
“designated resident enterprise” means a person holding a licence
issued by the Bank of Uganda to engage in the activities
specified in section 5 of the Act;
“forex bureau” or “foreign exchange bureau” means a person holding a
licence issued by the Bank of Uganda to engage in the
activities specified in section 5(2) of the Act;
“foreign currency account” means an account maintained in foreign
currency by a person with a bank in Uganda licensed under
the Financial Institutions Act, 2004;
“foreign exchange” includes—

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(a) banknotes, coins or electronic units of payment in any
currency other than the currency of Uganda which
are or have been legal tender outside Uganda;
(b) financial instruments denominated in foreign currency;
and
(c) any right to receive such banknotes or coins in respect of
any balance at a financial institution located within
or outside Uganda;
“foreign exchange business” means the business of buying, selling,
borrowing or lending of foreign currency;
“funds” includes a credit balance in an account maintained at a bank or
other financial institution;
“international money transfer agency” means a money transfer
company, which holds an international licence permitting it
to engage in money remittance business;
“licensee” means a person licensed in accordance with these
Regulations to transact foreign exchange business or money
remittance business;
“malpractice” means illegal or unethical conduct in foreign exchange
or money remittance business;
“money remittance business” means the business of foreign exchange
transfers consisting of the acceptance of monies for the
purpose of transmitting them to persons resident in Uganda
or another country;
“money remittance licence” means a licence granted in accordance
with these Regulations authorising the holder of the licence
to carry on money remittance business;
“parent licensee” means a foreign or international money transfer
company, which is licensed in a foreign country;

“payment” means a transfer of currency made for the purpose of—


(a) discharging a liability;
(b) making a gift or donation; and
(c) creating a balance that can be drawn upon at a financial
institution;

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“payment for current transactions” means payments which are not for
the purposes of capital transfer, and includes, without
limitation—
(a) all payments in connection with trade, services and short-
term banking and credit facilities;
(b) payments of interest on loans and net income from other
investments;
(c) remittances for family living expenses; and
(d) donations, gifts and contributions to local, regional and
international organisations and bodies;

“resident” means—
(a) an individual who is ordinarily resident in Uganda for one
year or more;
(b) the Government of Uganda, and its diplomatic
representations located outside of Uganda;
(c) a company, firm or enterprise whose principal place of
business or centre of control and management is
located in Uganda; and
(d) a branch located within Uganda, of a company, firm or
other enterprise whose principal place of business is
located outside Uganda, but does not include—
(i) foreign diplomatic representation or an accredited
official of such a representation located within
Uganda;
(ii) a branch located outside Uganda of company, firm, or
enterprise whose principal place of business is
located outside Uganda;
(iii) an office of an organisation established by
international treaty located within Uganda or
branches located outside Uganda of company,
firm or enterprises whose principal place of
business is located in Uganda;

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“security” means a share, stock, bond, note, other than a cheque or
travellers cheque or a debenture denominated in the currency
of Uganda or in foreign currency;
“spot exchange rate” means the rate at which a foreign exchange
transaction is concluded for delivery within two business
days;
“spot transaction” means an immediate over the counter settlement in
Uganda and for international payments, means settlement
within two days;
“travellers cheque” means an instrument issued by a bank or other
institution, which is intended to enable the person to whom it
is issued to obtain bank notes, or coins in the currency of
Uganda or foreign currency from another person on the credit
of the issuer.

PART II—LICENSING OF FOREX BUREAUS


4. Transacting as a forex bureau without a licence prohibited
A person shall not transact business as a forex bureau without a valid licence
issued by the Bank of Uganda under these Regulations.
5. Application
A person who satisfies the requirements of regulation 6 and wishes to
transact business as a forex bureau may apply to the Bank of Uganda for a licence
to transact that business.
6. Conditions for applying
An applicant for a licence referred to in regulation 4 shall—
(a) be a company registered under the Companies Act as a limited
liability company whose main object is to conduct foreign
exchange bureau business;
(b) have a minimum paid up share capital of not less than one
thousand currency points;
(c) have a fixed and identifiable place of business that is accessible to
the public and suitable in all respects for the business of a
forex bureau;
(d) if owned by a bank, be registered as a wholly owned subsidiary of
that bank;

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(e) provide the name and full address, including telephone and email
address of the proposed forex bureau;
(f) propose management, directors and owners who must be persons of
good repute and integrity with the necessary qualifications
and competence required to run a forex bureau.

7. Mode of application
An application for a licence referred to in regulation 4 shall be made in
duplicate and submitted to the Bank of Uganda in Form A specified in Schedule 2
to these Regulations.

8. Information and supporting documents


An application for a licence to transact as a forex bureau shall be
accompanied by the following information and supporting documents—

(a) a certificate of incorporation;


(b) the applicant’s memorandum and articles of association;
(c) individual references relating to the fit and proper status of each of
the applicant’s shareholders and proposed directors;
(d) the names and curriculum vitae of all the applicant’s proposed
shareholders and management team;
(e) particulars of the applicant’s bankers in Form B specified in
Schedule 2 to these Regulations;
(f) a certified copy of the resolution of the board of the proposed forex
bureau authorising the submission of the application;
(g) a bank statement for the period of six months before the
submission of the application;
(h) work permits for all non-Ugandan directors and employees of the
applicant;
(i) business and financial plans; and

(j) any other information that the Bank of Uganda may request the
applicant to provide.
9. Factors to consider in making a decision to grant a licence
(1) The Bank of Uganda shall, in considering an application submitted to it
under regulation 7 be satisfied of—

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(a) the financial condition and history of the applicant;
(b) the nature of any other business of the applicant if it affects the
business of foreign exchange;
(c) the competence and integrity of the applicant’s proposed
management;
(d) the adequacy of the applicant’s capital structure, earning prospects,
business and financial plans;
(e) whether the public interest will be served by the granting of the
licence to the applicant;
(f) the history and character of the applicant’s shareholders and
proposed management team;
(g) the suitability of the applicant’s proposed business premises and
their conformity with the minimum standards specified in the
Schedule 3 to these Regulations.
(2) An applicant who submits false or misleading information in the
application shall be rendered an unfit and improper person and it shall be a
sufficient ground for the rejection of the application.
10. Application fees
An application for a forex bureau licence shall be accompanied by a non-
refundable fee of twenty currency points payable to the Bank of Uganda.
11. Processing of application
(1) The Bank of Uganda shall, within a period of three months after the
receipt of an application for a forex bureau licence consider and approve or reject
the application.
(2) The decision of the Bank of Uganda shall be communicated to the
applicant within three months after the date of submission of the application.
12. Issuance and duration of licence
(1) Where the Bank of Uganda approves an application, the applicant shall,
upon the payment of licence fees of fifty currency points be issued with a licence.

(2) A forex bureau shall pay an annual licence fee of fifty currency
points.

(3) No refund of any licence fees paid to the Bank of Uganda shall be
made in the event that—

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(a) a licence is cancelled or revoked; or

(b) the licensee ceases to carry on business at any time before the
expiry of the licence.
(4) Where a licence is granted, the Bank of Uganda may, in conformity
with the Act, add, vary or substitute any condition to the licence.
(5) A licence issued or renewed under these Regulations is valid for a
period of one year and shall then expire one year after the date of issuance unless it
is renewed or revoked by the Bank of Uganda.
(6) A licensee shall not transfer or assign the licence.

13. Renewal of licence


(1) An application for the renewal of licence of a forex bureau shall be
submitted to the Bank of Uganda in Form A specified in Schedule 4 to these
Regulations at least one month before the expiry of the licence.

(2) The Bank of Uganda may renew a licence where—


(a) it is satisfied that the licensee has been operating in conformity
with the Act and these Regulations; and
(b) the licensee has paid the prescribed license fee of fifty currency
points and all outstanding fines imposed or levied on the
licensee under the Act, if any.
(3) Where a person submits an application for renewal of a licence as
provided under subregulation (1), it shall not incur any penalty under these
Regulations for not having a valid licence during the period commencing from the
date of expiry of the licence until the date on which the licence is renewed or the
application for renewal refused.

PART III—LICENSING OF MONEY REMITTANCE BUSINESS

14. Transacting money remittance business without a licence


prohibited
(1) A person shall not carry on or advertise that it carries on money remittance
business without a valid money remittance licence issued under these Regulations.

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(2) A person who satisfies the requirements of regulation 15 and
wishes to carry on money remittance business may apply to Bank of Uganda for a
licence to carry on that business.

15. Application for and grant of licence


(1) An applicant for a money remittance licence shall be locally incorporated
in Uganda as a company limited by shares.
(2) A person who desires to obtain a money remittance licence shall
submit an application to the Bank of Uganda as set out in Form A in Schedule 5 to
these Regulations, together with an Information Sheet as set out in Form B in
Schedule 5 to these Regulations, specifying the class of licence being applied for
and shall furnish the Bank of Uganda with any other information that the Bank of
Uganda may require.
(3) A licence issued under the Act and these Regulations may be—
(a) Class A—International Money Transfer Agency Licence;

(b) Class B—Forex Bureau and Money Remittance Licence;

(c) Class C—Direct Entrants Licence; or


(d) Class D—Sub - Agency Licence.
(4) In considering an application under subsection (2), the Bank of
Uganda may require to be satisfied as to the following licensing criteria—
(a) For a Class A—International Money Transfer Agency Licence, that
the applicant has—

(i) a clear licence to operate in the base country;


(ii) a good track record of conducting money remittance
business;
(iii) a recommendation from the regulatory authority in the
base country;
(iv) a minimum paid -up share capital of two thousand and
five hundred currency points;
(v) the ability to comply with all applicable anti-money
laundering and combating of financing of terrorism
standards and measures;
(vi) acceptable Agency Agreements;

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(vii) a well spelt-out mode of money remittance that is
formal, reliable and transparent;
(viii) an acceptable operational manual;
(b) for a Class B- Forex Bureau Remittances Licence that the applicant
has—
(i) a proven track record of licensed forex bureau operations
for a period of two years;
(ii) a minimum paid-up share capital of two thousand and
five hundred currency points;
(iii) shareholders, directors and officers who are fit and
proper persons for purposes of money remittances;
(iv) the ability to comply with all applicable anti-money
laundering and combating of financing of terrorism
standards and measures;
(v) separate counters and staff dedicated to the money
remittance business;
(vi) an acceptable operational manual;
(vii) whether the public interest will be served by the
granting of the licence;

(c) for a Class C—Direct Entrants Licence—


(i) the financial condition and history of the applicant;
(ii) that the applicant has a minimum paid-up share capital of
two thousand and five hundred currency points;
(iii) the nature of the business of the applicant;
(iv) the competence and integrity of the applicant and its
management;
(v) the adequacy of the applicant’s business and financial
plans and earning prospects;
(vi) whether the shareholders, directors and officers of the
applicant are fit and proper persons for purposes of
transacting money remittance business;
(vii) the geographical locations and branch distribution
network of the proposed business;

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(viii) the ability to comply with all applicable anti-money
laundering and combating of the financing of
terrorism standards and measures;
(ix) whether the public interest will be served by the granting
of the licence;

(d) for a Class D—Sub-Agent’s Licence—

(i) the financial condition and history of the applicant;


(ii) that the applicant has a minimum paid-up share capital of
two thousand and five hundred currency points;
(iii) the nature of the business of the applicant and its
management;
(iv) the competence and integrity of the applicant and its
management;
(v) the adequacy of the applicant’s business and financial
plans and earning prospects;
(vi) whether the shareholders, directors and officers of the
applicant are fit and proper persons for purposes of
transacting remittances business;
(vii) the geographical locations and branch distribution
network of the proposed business (premises);
(viii) the applicant’s ability to comply with all applicable
anti-money laundering and combating of the
financing of terrorism standards and measures;
(ix) evidence of acceptable Agency Agreements with its
principal;
(x) whether public the interest will be served by the granting
of the licence.

(5) The applicant shall ensure that there are no factors, such as unavailability
or inadequacy of information and lack of transparency, which may—
(a) hinder the conduct of investigations by the Bank of Uganda after
the submission of its application; or

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(b) inhibit effective supervision of the licensee by the Bank of Uganda
after the issuance of a money remittance licence.
(6) The Bank of Uganda shall, within three months after receipt of a
complete application for a money remittance licence, consider the application and
prepare a detailed report in respect of the application indicating the decision of the
Bank of Uganda to—
(a) grant the licence, if it is satisfied that the application fulfils the
requirements of the Act and these Regulations;
(b) grant the licence, subject to the fulfilment of certain conditions
that the Bank of Uganda deem necessary;
(c) refuse to grant the licence, stating the reasons for the refusal that
shall be stated in the notice of the decision or letter of refusal
to the applicant.
(7) The Bank of Uganda may at any time vary or revoke any of the
existing conditions of a licence or impose new conditions.

16. Licence and application fees


(1) Every licensee shall pay a licence fee of fifty currency points.
(2) The Bank of Uganda may prescribe different licence fees in respect
of different classes or categories of licensees.
(3) The licence fees shall be paid in such manner as may be specified
by the Bank of Uganda.
(4) No refund of any licence fees paid to the Bank of Uganda shall be
made in the event that—
(a) a licence is cancelled or revoked; or
(b) the licensee ceases to carry on business before the expiry of the
licence.
(5) An additional fee of fifty currency points shall be payable by a
licensee for each of its branches.

17. Validity and Transferability of licence


(1) A licence shall be valid for a period of twelve months from the date of its
issue and may be renewed for a similar period.
(2) A licence issued under these Regulations shall not be transferable
or assignable.

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18. Renewal of licence
(1) An application for renewal of a money remittance licence shall be
submitted to the Bank of Uganda in Form B specified in Schedule 4 to these
Regulations at least one month before the expiry of the licence.
(2) Where a person submits an application for the renewal of its
licence as provided for under subregulation (1) of these Regulations it shall not
incur any penalty under these Regulations for not possessing a valid licence during
the period commencing from the date of expiry of the licence until the date on
which the licence is renewed or the application is refused.
19. Security deposit
(1) Every person who is granted a money remittance licence shall deposit with
the Bank of Uganda an initial sum of two thousand and five hundred currency
points and thereafter such other sum as may, at any time depending on the
licensee’s volume of business, be prescribed by the Bank of Uganda, to be held as
security for the due performance of its obligations to those persons who deposit or
will deposit moneys with it for remittance purposes.
(2) The deposit referred to in subregulation (1) shall be in cash and
shall be invested in such manner as the Bank of Uganda may approve.
(3) Where a licensee ceases to carry on money remittance business, it
shall be lawful for the Bank of Uganda to deduct from the deposit an amount of
money required to pay any sums lawfully and rightfully claimed by the customers
of the licensee who had given money to the licensee for remittance purposes.
(4) The Bank of Uganda shall, upon being satisfied that there are no
outstanding claims by the customers of the licensee release the deposit or the
balance of the deposit, as the case may be, to the licensee.

20. Customers’ funds to be kept separately


(1) Every licensee who carries on money remittance business shall maintain a
foreign currency account in the name of the licensee at a commercial bank in
Uganda with the words “customers’ account” added to the title of the account.

(2) A licensee carrying on money remittance business shall pay into


the account referred to in subregulation (1), all moneys that are received from its
customers for remittance purposes not later than the next bank business day
following the day on which the moneys were received by it.

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(3) No money shall be withdrawn from a customers’ account except—
(a) money that has been paid into the account by the licensee for the
purposes of opening or maintaining the account;
(b) money properly required for a payment to or on behalf of a
customer; and
(c) money properly required for payment of the charges for rendering
services to a customer and the customer has been notified
that any money held for him or her will be applied towards or
in satisfaction of such fees and charges.
(4) No money, other than money which a licensee has paid into a
customers’ account for the purposes of opening the account and money required by
subregulation (2) to be paid into a customers’ account of a licensee shall be paid
into such an account.
(5) It shall be the duty of a licensee into whose customers’ account any
money has been paid in contravention of subregulation (4) to withdraw the money
wrongly paid into the account without delay, upon discovery of the mistake.
(6) The money in a customers’ account maintained by a licensee at a
bank is not liable to be attached, sequested or levied upon for or in respect of any
debt of the licensee or any claim whatsoever against the licensee, and if the licensee
is adjudicated a bankrupt or, being a company, is declared insolvent or is wound up
by an order of the court, the money in the customers’ account shall not form part of
the property of the licensee.

PART IV—OPERATIONAL GUIDELINES

21. Prohibition of dealings other than spot transactions


A forex bureau shall, in carrying out the business of a forex bureau, engage
only in spot transactions, and in particular, no officer or staff member of a forex
bureau shall—
(a) deposit or accept Uganda shillings with intent to obtain or supply
the foreign currency equivalent either wholly or in part at a
future date;
(b) deposit or accept foreign currency with intent to obtain or supply
the Uganda shillings equivalent of it either wholly or in part
at a future date;

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(c) without reasonable cause, refuse to sell foreign currency to any
customer if the foreign currency is available;
(d) fail or refuse to issue an accurate official receipt to cover any
purchase or sale of foreign currency; or
(e) issue any official forex bureau receipt for a purpose other than to
cover an actual purchase or sale of foreign exchange.

22. Payments and receipts


(1) A person who wishes to sell foreign exchange to any person licensed to
transact as a forex bureau under the Act may do so and shall obtain a Bank of
Uganda official receipt or any other receipt approved by the Bank of Uganda in
respect of the transaction, clearly indicating the source of funds.

(2) A person who wishes to purchase foreign exchange from a person


licensed to transact as forex bureau under this Act may do so and shall obtain an
official receipt in respect of the transaction, indicating the purpose for which the
funds are purchased.

23. Customers’ duties and obligations as to the provision of


information
(1) A person licensed to transact as a forex bureau under these Regulations
may request any information from a customer if it is considered necessary for the
performance of licensee’s duties under these Regulations or any guidelines issued
by the Bank of Uganda.
(2) The customer shall provide to the forex bureau, information on the
source or purpose of the foreign exchange transacted.
(3) The customer shall ensure that the source or purpose of funds
indicated on the official Bank of Uganda receipt is correctly and accurately stated.
(4) Notwithstanding subregulation (1) (2) and (3) a forex bureau shall
promptly report any suspicious transaction to the Bank of Uganda and to a law
enforcement authority.
(5) A customer shall always demand for, and obtain an official Bank
of Uganda receipt or any other receipt approved by the Bank of Uganda for every
foreign exchange related transaction.

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24. Display of exchange rates, licence, etc
(1) A person licensed to transact, as a forex bureau shall display prominently,
its current buying and selling exchange rates of foreign currency including all
commissions and charges associated with each transaction.
(2) A person licensed to transact as a forex bureau under these Regulations
shall prominently display, at all times, in a conspicuous place on its premises, a notice
informing its customers that they are entitled to be issued with a receipt for any purchase
or sale of foreign currency made by them.
(3) A licensee shall display to the public, at its premises, a valid
licence issued by the Bank of Uganda.
(4) A licensed dealer may set exchange rates in all transactions with
customers and between themselves in accordance with the prevailing market conditions
and other bilateral agreements between the operators.
(5) All correspondences, registers, books and financial statements and
accounts relating to the operations of the forex bureau shall be kept at the bureau’s
premises.
(6) A person licensed to transact money remittance business shall quote the
charges it levies for rendering its services and shall prominently display the quotation in
the premises where it is licensed to conduct business.
(7) A person licensed to transact money remittance business shall
conduct its business in premises that comply with the Minimum Standards for
Money Remittance Licensee’s Premises stipulated in Schedule 3 to these
Regulations.
(8) A licensee shall issue an official receipt for every transaction it
concludes.
25. Records and information to be furnished by licensee
(1) Every licensee shall maintain complete records of all its transactions in
such books, accounts, records and registers as the Bank of Uganda may from time
to time specify and shall produce those books, accounts, records and registers to the
Bank of Uganda as may be directed by the Bank of Uganda.
(2) Every licensee shall retain such books, accounts, records and
registers for a period of five years after the day on which the transaction takes
place.

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(3) A person licensed under these Regulations to transact in money
remittance business shall issue to its customers a Money Remittance (Send) Form
specified in Form A of Schedule 6 to these Regulations and a Money Remittance
(Receive) Form specified in Form B of Schedule 6 to these Regulations whenever it
sends or receives monies for or on behalf of its customers.
26. Update of information
Every licensee under the Act shall submit to the Bank of Uganda an updated
Information Sheet as set out in the Form B specified in Schedule 5 to these
Regulations.
27. Submission of returns
(1) Every person licensed to transact as a forex bureau under these
Regulations shall submit in the format specified in Schedule 7 to these Regulations,
the following returns to the Bank of Uganda—
(a) a daily return on its exchange rates as set out in Form A in
Schedule 7 to these Regulations, quoted not later than ten
o’clock in the morning on the day of reporting;
(b) a summary of weekly/monthly returns of sales of foreign
currencies (outflows), as set out in Form P specified in
Schedule 7 to these Regulations not later than three o’clock
in the afternoon of every first business day of the following
week;
(c) a summary of monthly/weekly returns of purchases of foreign
currencies (inflows) transactions for forex bureaus as set out
in Form R specified in Schedule 7 to these Regulations not
later than five working days after the end of the month for
which the return is being made; and
(d) any other returns, including foreign exchange inflows-form R
specified in Forms C and D and Foreign Exchange outflows-
form P specified in Form E in Schedule 7 to these
Regulations as may be required by the Bank of Uganda from
time to time.
(2) Receipts and payments above US$5,000= or the equivalent in any
other foreign currency, shall be notified to the Bank of Uganda immediately, and in
any case, not later than the following day after receipt or payment.

41
(3) A person licensed to carry on money remittance business under
these Regulations shall submit to the Bank of Uganda the following returns, not
later than five working days after the end of the month or week for which the
returns are being made—

(a) a Money Remittance (Send) Weekly Return in Form A specified in


Schedule 8 to these Regulations;
(b) a Money Remittance (Receive) Weekly Return in Form B
specified in Schedule 8 to these Regulations;
(c) a Money Remittance (Send) Monthly Return in Form C specified
in Schedule 8 to these Regulations;
(d) a Money Remittance (Receive) Monthly Return in Form D
specified in Schedule 8 to these Regulations;
(e) a summary of Monthly Transactions (Money Remittance) in the
Forms E and F specified in Schedule 8 to these Regulations.
(4) Every licensee shall submit to Bank of Uganda its audited
accounts, within three months after the expiry of its financial year.

28. Capital transactions


(1) Every licensee shall submit to the Bank of Uganda all reports of capital
flows arising from any transactions including overseas investment, ownership of
shares of foreign companies and dividends from such investments must be
submitted to Bank of Uganda.
(2) All inflows and outflows under this regulation shall be received
through banks, documented and advised to the Bank of Uganda in the prescribed
format.
(3) A bank may receive funds denominated in foreign currency on
behalf of their customers in accordance with a loan contract and a copy of the loan
agreement and disbursement schedule, where applicable shall be submitted to Bank
of Uganda for registration at the time of receipt of the funds.
(4) A bank may transfer funds in accordance with the loan contract and
repayment schedule on behalf of a customer against a duly completed form in the
format prescribed by Bank of Uganda.

42
PART V—GENERAL PROVISIONS

29. Powers of the Bank of Uganda


(1) The Governor may under the powers conferred upon him or her under the
Act, stop or suspend any payments to or from Uganda, if the Government has
reason to suspect that a crime has been or is about to be committed.
(2) The Governor may require a Bank or a forex bureau to obtain prior
permission from the Government before executing any foreign exchange deal if it
has reason to believe that any part of the Act or these Regulations will be
contravened by the transaction.

30. Provision of information


(1) The Bank of Uganda may, by notice in writing, require a licensee or a
resident of Uganda or any person to provide information to the Bank of Uganda or
to any person authorised by it, in such manner and form as may be specified by the
Bank of Uganda for purposes of detecting evasion or securing compliance with the
Act.
(2) The information required under subregulation (1) may, with the
authority of the Governor, be submitted in paper or electronic format.
(3) The information requested by the Bank of Uganda may be used for
investigative purposes or tabulation of any data required for any purpose, including
compilation of balance of payments and other pertinent issues.
(4) The Bank of Uganda may delegate any of its officer(s) to obtain
any information from any licensee.
31. Powers of inspection, entry, search and investigation
(1) The Bank of Uganda or any officer authorised by the Bank, may, at any
time cause an inspection to be made of the premises of the licensee and the books of
accounts or records on those premises for the purpose of ascertaining whether a
contravention of these Regulations is being or has been committed.
(2) It is the duty of every officer or staff of a licensee to produce,
within a reasonable time, to the officer making an inspection under subregulation
(1) of all such books, accounts and other documents in the custody of the licensee
and to furnish that officer with such statements or information relating to the affairs
of the licensee as that officer may require.

43
(3) A licensee who fails to produce books, accounts, records,
documents, correspondence, statements or other specified information shall have his
or her licence to carry on foreign exchange business or money remittance business
under this Act suspended immediately.
(4) The Bank of Uganda or any officer of the Bank of Uganda duly
authorised by the Bank to act on its behalf may, at any time, enter any premises
where a licensee is carrying on business, or any premises where it is reasonably
suspected that any business is being carried on in contravention of these
Regulations.
32. Power to issue directives
The Bank of Uganda after an inspection or investigation under regulation 31,
may require a licensee to take any action or to do any act or thing in relation to the
licensee’s business as the Bank of Uganda may consider necessary.
33. General requirements and provisions
(1) A licensee shall not close any of its places of business without the written
permission of the Bank of Uganda.

(2) A licensee shall seek the approval of Bank of Uganda, in writing,


for any changes in name, ownership, directorship, management and location of the
business of the licensee.

(3) The management and staff of a licensee shall ensure that all
transactions are done and maintained in the strictest confidence.

(4) It is the duty of the licensee to cross check and satisfy itself that
notes exchanged are legal tender; and a transaction is deemed to be concluded at the
counter.
(5) A licensee shall seize all counterfeit notes and other instruments
presented by a customer and the customer shall be issued with a receipt indicating
the serial number of the counterfeit notes and the counterfeit notes or instruments
shall be submitted to the Bank of Uganda; and under no circumstances should the
forged items be returned to the customer.
(6) Where the customer refuses to surrender counterfeit notes, the
licensee shall notify the police.
(7) A person aggrieved by any decision made under this regulation
may report to the Bank of Uganda.

44
34. Service of order, etc
An order or notice required or authorised by the Act and these Regulations to
be served on to any person may be—
(a) delivered to that person;
(b) left at the place of residence or business of that person; or
(c) sent by registered post to the last known address of that person.

35. Auditors
(1) Every licensee shall, at its own expense, appoint an auditor to carry out an
annual audit of the transactions in its licensed business.

(2) The Bank of Uganda may require an auditor appointed under


subregulation (1)—

(a) to submit to the Bank of Uganda such information as it may require


in relation to the audit carried out by the auditor;

(b) to enlarge or extend the scope of an audit of the business and


affairs of the licensee and to submit a report of the auditor’s
audit to Bank of Uganda;

(c) to carry out any examination or establish any procedure in any


particular case; or

(d) to submit a report to the Bank of Uganda on any matter referred to


in paragraphs (b) and (c).

(3) The licensee is responsible for the remuneration of the auditor for
the services referred to in subregulation (2).

36. Opening and closing of branches


(1) A licensee shall not open a new place of business or branch in Uganda
without the written approval of the Bank of Uganda.
(2) A licensee intending to open up a branch shall apply to the Bank of
Uganda for permission to so do.

45
(3) The Bank of Uganda shall before granting any approval under this
regulation in respect of opening a branch, satisfy itself that—

(a) the licensee is financially sound;


(b) the management of the parent licensee is fit and proper;
(c) the proposed management and staff of the branch are fit and
proper;
(d) the capital structure and earning prospects, business and financial
plans of the licensee are adequate;
(e) the public interest will be served by the opening of a new place of
business in that location;
(f) the branch will enhance the operations and performance of the
licensee;
(g) the monthly turn over of the parent licensee is at least US$
500,000 for the past six months.
(4) The Bank of Uganda may, in granting its approval under
subregulation (1), impose such other conditions as it thinks fit.

37. Particulars of staff of licensee


The proprietor of a licensee shall, before commencement of business by the
licensee, provide the Bank of Uganda with the names, addresses, designation, brief
resume and passport size photographs of the members of staff of the licensee.

PART VI—REMEDIAL MEASURES AND ADMINISTRATIVE SANCTIONS

38. Offences and penalties


(1) A person who—

(a) transacts business as a forex bureau contrary to the Act and these
Regulations;
(b) deals in money remittance business contrary to the Act and there
Regulations;

46
(c) fails to apply for renewal of a licence within the time limit
specified in regulations 13(1) and 18(1) without a valid
reason;
(d) in connection with an application for or renewal of a licence issued
under these Regulations, willfully makes a statement which is
false or misleading in a material particular, knowing it to be
false or misleading, or wilfully omits to state any matter or
thing without which the application is misleading in a
material respect;
(e) transfers or assigns a licence issued under these Regulations
without the approval of the Bank of Uganda;
(f) opens or closes a branch without the approval of the Bank of
Uganda;
(g) refuses or neglects to submit any information or surrender any
document required under these Regulations;
(h) fails to maintain customers’ funds in a separate account as
required by regulation 20;
(i) fails to submit the required daily, weekly and monthly returns as
specified in these Regulations;

(j) breaches any of the conditions attached to a licence;

(k) fails to keep and maintain proper records;

(l) fails to display the licence issued under the Act and these
Regulations,

commits an offence and is liable, on conviction, to a fine of two hundred currency


points or to imprisonment for a term not exceeding two years, and if the offence is a
continuing one to a further fine not exceeding five currency points for each day
during which the offence continued.

39. Liability of directors, partners, etc


(1) Where an offence under these Regulations is committed by a body
corporate, any person who at the time of the commission of the offence was a

47
director, secretary, manager or other officer of the company or who was purporting
to act in any such capacity shall be liable to be proceeded against and penalised
accordingly unless he or she proves—

(a) that the offence was committed without his or her consent or
connivance; and
(b) that he or she exercised such diligence to prevent the commission
of the offence, as he ought to have exercised, having regard
to the nature of functions in that capacity and to all the
circumstances.
(2) Any person who would have been guilty of an offence if anything
had been done or omitted to be done by him or her personally is guilty of that
offence and is liable to the same penalty if that thing had been done or omitted to be
done by his or her partner, agent or employee in the course of his or her partnership
business or in the course of his employment, as the case may be, unless he or she
proves—

(a) that the offence was committed without his or her knowledge or
consent; and
(b) that he or she took all reasonable precautions to prevent the doing
of or omission to do such a thing.
(3) Nothing is subregulation (2) shall relieve any partner, agent or
employee from any liability for an offence.

40. General remedial measures and administrative sanctions


(1) The Bank of Uganda may impose any or all of the remedial measures and
administrative sanctions with regard to a licensee who is not in compliance with
these Regulations.
(2) The administrative sanctions referred to in subsection (1) may
include but are not limited to—
(a) caution for any one-time offender;
(b) cash penalties for second time offenders;
(c) warning for third-time offenders;
(d) suspension of licence; and
(e) revocation of licence.

48
41. Suspension of revocation of licence
(1) The Bank of Uganda may suspend or revoke a licence issued under these
Regulations in any of the following circumstances—

(a) if it has reasonable cause to believe that a licensee has infringed the
provisions of the Act or these Regulations;
(b) if the licensee has, subsequent to issuance of a licence, ceased to
qualify for the licence;
(c) if there is failure by the licensee to commence business within
three months after the date of issuance of the licence without
any valid reason or communication to the Bank of Uganda;
(d) if there is a change of name, ownership, directorship, management
and location of business of the licensee, without the approval
of the Bank of Uganda;
(e) if the licensee fails to pay fees, fines and other penalties under the
Act and these Regulations;
(f) failure to reconstitute a full company for a period of over six
months in case of death, expulsion, or vacation by any
shareholder, where the remaining shareholders of the licensee
are less than two;
(g) the conviction of a majority shareholder of any financial fraud or
misconduct;
(h) any involvement in business malpractice including money
laundering and fraud;
(i) failure, neglect or refusal to provide information and returns to the
Bank of Uganda;
(j) any involvement in any activity other than one stipulated in the
licence;
(k) knowingly providing incorrect information and returns to the Bank
of Uganda;
(l) where a licensee remains closed for a period of one month or more
without notifying the Bank of Uganda;
(m) where a licensee makes losses for three consecutive years without
offering a valid reason for the loss;

49
(n) where one or more of the shareholders of the licensee is declared
bankrupt or is placed under receivership; or
(o) if a licensee fails to comply with a notice given under these
Regulations and the Bank of Uganda is not satisfied with the
cause for non-compliance.

(2) Except where circumstances render it impossible to do so, before


the Bank of Uganda suspends or revokes a licence or imposes further restrictions in
respect of a licence, it shall give the holder of the licence fourteen days to show
cause why the proposed action should not be taken.

42. Effect of revocation


(1) Where an order of revocation becomes effective, the licensee concerned
shall cease to carry on the licensed business.
(2) Subsection (1) shall not prejudice the enforcement by any person
of any right or claim against the licensee concerned or by the licensee concerned of
any right or claim against any person arising out of or concerning any matter or
thing done prior to the revocation of the licence.

PART VII—MISCELLANEOUS
43. Appeals
(1) A licensee who is aggrieved by the decision of the Bank of Uganda under the Act and
regulations 11(1), 15(6) and (7) and 41 of these Regulations may appeal to the High Court and

the High Court may confirm or set aside the decision.


(2) An appeal shall be made to the High Court within thirty days after
the licensee is notified of the decision of the Bank of Uganda.
(3) On appeal to the Hight Court under this regulation, the question for
determination by the High Court shall be whether, for the reasons stated by the
appellant, the decision appealed against was unlawful or not justified by the
evidence on which it was based.
(4) Where the High Court sets aside a decision of the Bank of Uganda
under subregulation (1), the High Court shall direct the Bank of Uganda to
reconsider its decision.

50
44. Anti-money laundering and the combating of the financing of
terrorism
A licensee shall in conducting the licensed business, fully comply with all
applicable anti-money laundering and combating of the financing of terrorism laws,
regulations and guidelines.
45. Exemptions
(1) These Regulations do not apply to a bank licensed under the Financial
Institutions Act, 2004 to conduct financial institution business in Uganda.
(2) The Bank of Uganda may, by notice in the Gazette, exempt any person
or category or persons from any provision of these Regulations.
46. Transitional provisions
Any person who, at the commencement of these Regulations, was licensed under a
different law to transact or engage in money transfers shall be deemed to have been
licensed under these Regulations, except that that person shall, within ninety days after
the coming into force of these Regulations, submit to the Bank of Uganda its existing
licence for review and re-classification in accordance with the provisions of the Act and
these Regulations.
47. Repeal and savings
(1) The Exchange Control (Forex Bureau) Order, 1991, is revoked.

(2) Notwithstanding the repeal by subregulation (1), all instruments,


instructions, licences, orders and decisions made under the repealed Order, shall, in
so far as they are consistent with these Regulations, remain valid and binding and
shall be deemed to have been made under the Act.

(3) Upon the coming into force of these Regulations, any reference to
the revoked Order in any enactment immediately before the commencement of
these Regulations shall be construed as a reference to these Regulations.

________

SCHEDULES.

51
SCHEDULE 1
Regulation 3

CURRENCY POINT

One currency point is equivalent to twenty thousand shillings.

52
SCHEDULE 2

FORM A
Regulation 7
Form FXA
APPLICATION FOR NEW APPLICANTS FOR FOREX BUREAU
LICENCE
To be filled by an applicant for a Forex Bureau Licence and submitted in a sealed
envelope to the Bank of Uganda.

Please note the following:


(i) Submission of a duly completed form to the Bank of Uganda is only an
expression of interest in opening a forex bureau and should, therefore,
not be interpreted as a commitment on part of the Bank to issue a
license.
(ii) The Bank of Uganda reserves the right to approve or reject an application
basing on its findings during the process of vetting a new applicant.
(iii) The Bank of Uganda is not responsible for any costs, such as renting of
premises that the applicant may incur during the process of acquiring a
licence.

1. Proposed bureau name (Block Letters)

...............................................................................................................................................................

2. Proposed location

City/Town .........................................................................................................................................

Plot No. and Street ...............................................................................................................................

District ..................................................................................................................................................

3. Shareholders

(i) Name ....................................................................................................................................................


Postal address........................................................................................................................................
Bankers ................................................................................................................................................
Banker’s postal address .......................................................................................................................
A/C title ................................................................................................................................................
A/C No .................................................................................................................................................
Current employment status and business history (including associated
companies) ...........................................................................................................................................

53
...............................................................................................................................................................

...............................................................................................................................................................

...............................................................................................................................................................

(ii) Name ....................................................................................................................................................


Postal address........................................................................................................................................
Telephone Numbers..............................................................................................................................
Bankers ................................................................................................................................................
Bankers’ postal address .......................................................................................................................
A/C title ................................................................................................................................................
A/C No .................................................................................................................................................

Current employment status and business history (including


associated Companies) .........................................................................................................................

...............................................................................................................................................................

...............................................................................................................................................................

...............................................................................................................................................................

(iii) Name ...................................................................................................................................................


Postal address........................................................................................................................................
Bankers ................................................................................................................................................
Bankers’ postal address .......................................................................................................................
Account title .........................................................................................................................................
Account No .........................................................................................................................................
Current employment status and business history (including associated
companies) ...........................................................................................................................................

...............................................................................................................................................................

4. Directors

(i) Name ....................................................................................................................................................


Postal address........................................................................................................................................
Telephone Numbers..............................................................................................................................
Fax ........................................................................................................................................................
Bankers ................................................................................................................................................
Bankers’ postal address .......................................................................................................................
Current status and business history .....................................................................................................
...............................................................................................................................................................
Employment .........................................................................................................................................
Designation .........................................................................................................................................
...............................................................................................................................................................
Associated companies ..........................................................................................................................

...............................................................................................................................................................

54
(ii) Name ....................................................................................................................................................
Postal address........................................................................................................................................
Telephone Numbers..............................................................................................................................
Fax.........................................................................................................................................................
Bankers ................................................................................................................................................
Bankers’ postal address .......................................................................................................................
Current status and business history .....................................................................................................

Employment .........................................................................................................................................

Designation ..........................................................................................................................................

Associated companies ..........................................................................................................................

(iii) Name ....................................................................................................................................................


Postal address........................................................................................................................................
Telephone Numbers..............................................................................................................................
Fax.........................................................................................................................................................
Bankers ................................................................................................................................................
Bankers’ postal address .......................................................................................................................
Current status and business history .....................................................................................................

..............................................................................................................................................................
Employment .........................................................................................................................................
Designation ..........................................................................................................................................

Associated companies ..........................................................................................................................

...............................................................................................................................................................

(iv) Name ....................................................................................................................................................


Postal address........................................................................................................................................
Telephone Numbers..............................................................................................................................
Fax.........................................................................................................................................................
Bankers ................................................................................................................................................
Bankers’ postal address .......................................................................................................................
Current status and business history .....................................................................................................
...............................................................................................................................................................
Employment .........................................................................................................................................
Designation ..........................................................................................................................................
Associated companies ..........................................................................................................................

5. Declarations
We the undersigned, hereby declare that the above statements are true and
correct and also agree to operate in accordance with the Foreign Exchange
Act, 2004 and the Foreign Exchange (Forex Bureau and Money
Remittance) Regulations, 2006 and any other Regulations and Guidelines
governing the operation of forex bureaus, if granted a licence.

55
We further declare that we are not undischarged bankrupts and we have
never been convicted of fraud or embezzlement and agree to provide to the
Bank of Uganda the bank statement of our accounts for two years to date.

Signatures (i) ………………………

(ii) ………………………

(iii) ………………………

(iv) ………………………

Please attach the following:

(i) Detailed curriculum vitae for each of the shareholders and the
proposed directors.

(ii) Bank statements of each of the shareholders for a period of six


(6) months to date.
(iii) Detailed business plan.
(iv) Completed Personal Declaration Form and a Declaration of
Assets/Liabilities.

Note:
(i) All information provided on this form will be treated as
confidential and will be used solely for the purpose for which
it is sort.
(ii) The Bank will not process an application not duly completed.

56
FORM B
Regulation 8 (e)
CONFIDENTIAL (FORM: No. FX/CR)
Passporp size
photograph

BANK REFERENCE FOR FOREX BUREAU LICENCE APPLICANT


To ……………………………………………………Bank Limited
(Please complete the following form and return it to the Director NBFI, Bank of
Uganda)
Name of applicant: ............................................................................................................................................
Postal address:.....................................................................................................................................................
Physical address: ................................................................................................................................................
Telephone(s): .....................................................................................................................................................
Fax: ……………………………………… Email: ...........................................................................................
Account title & name .........................................................................................................................................
Account number .................................................................................................................................................
This part must be completed by the applicant’s bankers
Type of account: .................................................................................................................................................
When was the account opened? Day …………………… Month
.………….…………Year ..................................................................................................................................
To your best assessment, how would you describe the performance of the
customer’s account: ...........................................................................................................................................
.............................................................................................................................................................................
Nature of customer’s business: .........................................................................................................................
Does customer have overdraft facilities? …………… Does customer have a loan? .....................................
How does he/she meet the loan service obligation? ..........................................................................................
.............................................................................................................................................................................
Comment on applicant’s conduct and integrity in financial matters .................................................................
.............................................................................................................................................................................
Do you have any other information you consider useful to us in evaluating your
account holder?
.............................................................................................................................................................................
.............................................................................................................................................................................
NAME OF ACCOUNTS MANAGER ..............................................................................................................
SIGNATURE .....................................................................................................................................................
Please attach bank statements for the last 6 months.

OFFICIAL STAMP ...........................................................................................................................................


Please note that Bank of Uganda is legally authorised to obtain this information.

57
SCHEDULE 3
Regulations 9(g) and 24 (7)

RECOMMENDED MINIMUM STANDARDS FOR FOREX BUREAUS AND


MONEY REMITTANCE BUSINESS PREMISES

1. Floor Area
A standard licensee should occupy an area not less than 4m x 6m. In our
view this is enough to accommodate the recommended set up as below:
2. Set up
(a) Front Office – includes the reception area. This can also
accommodate the internal security guard(s), where applicable.
(b) Counters: A minimum of two counters: one purchases and one
sales, in the following designs:
(i) Built up:
– Dully constructed to include serving desk cashier’s
cabin and serving window.
– The material may vary according to the bureau’s
financial abilities and taste
(ii) Not Built up
Where a bureau does not construct the standard counter
but opts for the desk type counter.
(iii) This design is only recommended for:
- Licensee located in hotel, at the airport,
recreational centers and such other places where
a personal touch with the customers is very
necessary.
- Its applicability in modern banking and
business.

(c) Manager’s office.


Enough to accommodate the manager’s desk and safe.
3. Accessibility to the Public
(a) Licensee premises should preferably be located on the ground
floor. Exceptions would be in highly organised locations e.g.
hotels, airport, and recreational centers.
(b) Entrance should not be concealed for easy access.

58
4. Security
(a) It may not be possible to determine the overall security of the
location, but the premises should have sufficient security to
ensure the safety of the customers and the assets of the
business operations.
Therefore:
- Premises should be strong and entrance/exit must be re-enforced
with burglar proofing.
- Blinds or tinted glass should be used to conceal bureau activity
from the public.
(b) Notwithstanding the above, consideration should be made of
single unit structures which can comfortably accommodate bureau
in a highly organised location e.g. airport, hotels, post office etc.
In this arrangement, the bureau need not construct demarcations
for the manager and cashiers’ offices. However-
(i) the premises should occupy an area of at least 4m x 6 m.
(ii) the premises should be generally adequate and suitable
for bureau business; located within a reasonably secure
environment.
(iii) the licensee shares the general security provided by the
facility within which it is located.
(iv) customers are served through a window separating the
cashiers from the customers.
(v) provision is made for a manager’s desk, safe and
cashiers’ counters.
(vi) walls are constructed with tinted, bulletproof glass
material.
5. Mandatory fittings
(i) Safe.
(ii) Rates display board.
(iii) Display of license or authority to operate.
Layout (Design) Guidelines:
a) b) s D
Managers
Managers
office
office D

C1 C1 C1 C1

I
II
59
Reception
Reception
c) d)
s
Service window

C C C Manager

Service window
Manager’s office

D
3M
S
e)
D S
D1 Key
C1 – C4 Represent
Managers
counters
S Represents
D1
safe
D Represents
desk/tables
D1 Represents
D1 Serving Points

(d) & (e) Suitable for those situated in lobbies eg, Hotels, Travel Bureaux, Airport
etc.

60
SCHEDULE 4
FORM A
Regulation 13 (1)
APPLICATION FOR RENEWAL OF FOREX BUREAU LICENCE

FORM: FXAR

To be filled by the company applying for renewal of licence and submitted in a


sealed envelope to the Director, Non Banking Financial Institutions Department,
Bank of Uganda.

1. Full name of applicant (block capitals)........................................

...................................................................................................

2. Postal address of applicant (block capital)....................................


……………………………………………………………………
…………………………………………………………................................
...................................................................

3. Full name(s) and address of applicant’s bankers (block (capital)

......................................................................................................

4. Location of proposed forex bureau

(a) District.......................... (b)City/town......................

(c) Plot no. and Street .............................................................

(d) Other information on location (if any)

...........................................................................................

5. Current Licence Number.........................................................


6. Current Licence Expiry Date..........................................................................
7. Period being applied for.................................................................................
8. Certificate of registration No .........................................................................

9. Full name(s) and address (es) of director(s)/partners/proprietor

......................................................................................................

10. Declaration

61
(a) I, the undersigned, hereby declare that the above statements are
true and correct and also agree to operate the foreign exchange
bureau/money transfer services in accordance with the Foreign
Exchange Act 2004, the Foreign Exchange (Forex Bureau and
Money Remittance) Regulations, 2006 and any other written law
governing the operation of forex bureau/ money remittance
business in Uganda.

(b) I further declare that I am not an undischarged bankrupt person


and that I have never been convicted for fraud or embezzlement.

Signature.....................................Date................................

Full name............................................................................

Designation........................................................................

Witness’s signature.............................................................

Name and address of witness............................................

...........................................................................................

Note: Attach copy of certificate of registration.

All information provided on this form will be treated as confidential and


will only be used for the processing of this application.

62
FORM B
Regulation 18(1)
APPLICATION FOR RENEWAL OF MONEY REMITTANCE LICENCE
To be filled by the company applying for renewal of licence and submitted in a
sealed envelope to the Director, Non Banking Financial Institutions Department,
Bank of Uganda.

1. Full name of applicant (block capitals).......................................

......................................................................................................

2. Postal address of applicant (block capital)...................................

......................................................................................................

3. Full name(s) and address of applicant’s bankers (block (capital)

......................................................................................................

4. Location of proposed money remittance company

(a) District.......................... (b)City/town...........................

(c) Plot no. and street..............................................................

(d) Other information on location (if any)

...........................................................................................

5. Certificate of Registration No......................................................

6. Full name(s) and address(es) of director(s)/partners/proprietor

......................................................................................................

7. Declaration
(a) I, the undersigned, hereby declare that the above statements are
true and also agree to operate the Money Remittance Business in
accordance with the Foreign Exchange Act 2004, and the Foreign
Exchange (Forex Bureau and Money Remittance) Regulations,
2006 and any other written law governing the operation of money
remittance business in Uganda.

63
(b) I further declare that I am not an undischarged bankrupt person
and that I have never been convicted for fraud or embezzlement.

Signature....................................Date................................

Full name...........................................................................

Designation........................................................................

Witness’s signature............................................................

Name and address of witness............................................

...........................................................................................

...........................................................................................

_____________________________________________
Note: Attach copy of certificate of registration. All information
provided in this form will be treated as confidential and will only
be used for the processing of this application.

64
SCHEDULE 5

FORM A
Regulation 15 (2)

APPLICATION FOR ISSUE OF A MONEY REMITTANCE LICENCE


(To be submitted in duplicate)
The Governor,
Bank of Uganda,
P.O Box 7120,
KAMPALA
1. I, the undersigned, acting as principal/promoter/in the capacity as duly
authorised agent on behalf of, a company limited by shares and
incorporated under the Companies Act, Cap. 110 Laws of Uganda (“the
principal”), hereby apply for issue of a licence in terms of section 9(6) of
the Foreign Exchange Act, 2004 to carry on the money remittance business
under Class……… pursuant to regulations 15(2)-(4) of the Foreign
Exchange (Forex Bureau and Money Remittance) Regulations, 2006.
2. I submit herewith the information and documentation specified in
regulation 5(4) of the Foreign Exchange (Forex Bureau and Money
Remittance) Regulations, 2006.

……………… …………………
Date Applicant

Applicant’s address/tel. Principal’s address/tel.

………………………… …………………………

…………………………… …………………………

…………………………… ………………………….…

…………………………… ……………………………

Certification and Undertaking

I, the undersigned, ……………………………….. hereby certify that all


information contained in and accompanying this application is complete and
accurate to the best of my knowledge and belief.

65
I undertake to immediately notify the Bank of Uganda, of any material change in
the particulars of this application.

Sworn at ………….. this ………….day of ………………….200…

_______________________ _______________________
Signature of Deponent Principal/ Promoter/Agent

Deponent understands the contents of this declaration.


BEFORE ME

________________________________
Commissioner for Oaths

66
FORM B

Regulation 15(2) and 26

INFORMATION SHEET

1. Name: ……………………………………………………

……………………………………………………

……………………………………………………
2. Former name(s) if any by which the applicant has been known:

…………………………………………………………………

…………………………………………………………………
3. Any name the applicant proposes to use for purposes of or in connection
with any business carried on by it, including any name the applicant is or
will be obliged to disclose in connection with any business carried on by it
by virtue of the Business Names Registration Act, Cap. 109
…………………………………………………………………

…………………………………………………………………

4. Principal business activities: ……………………………………

…………………………………………………………………

5. Head/main office: ……………………………………………

…………………………………………………………………

(a) Address:

…………………………………………………………

(b) Telephone No:

…………………………………………………………

(c) Telefax No:

…………………………………………………………

…………………………………………………………

67
6. Branches:
Address: Date approved and date opened

…………………………… ………………………………

…………………………… ………………………………

Subsidiaries & Affiliates:


Name and type of business Amount of shares held % of shares held to total

………………………… …………………… ………………………

………………………… …………………… ………………………

7. Management:
(1) Board of Directors:
Name: Designation Present Term No. of
years as
board
member
……………… …………… ……………
………………
……………… …………… ……………
………………
……………… …………… ……………
………………

Board Committees
Name and purpose of committee(s): Name of members:

………………………………… …………………………
………………………………… …………………………
………………………………… …………………………

(2) Officers:
Name: Position: No. of years as officer

……………………… ………………… ……………………


……………………… ………………… ……………………
8. Ownership Profile:

68
Name Country of Residence Paid up Capital %
citizenship
………… …………… …………… ………………… ……

………… …………… …………… ………………… ……

………… …………… …………… ………………… ……

other shareholders owing less than 5% (Number ………………)


TOTAL ………………… ……

9. Organisation Profile:

(1) Organisation Chart – Attach one indicating major departments or


divisions with names, positions and titles of officers heading each
department or division.
(2) Functions – Attach a list of functions or responsibilities for each
department or division listed in the organisation chart indicating
the number of personnel or staff for each.
(3) Qualifications of shareholders, directors and officers.
(4) Annex Personal Declaration Form of each shareholder, director
and officer and an Information Sheet for each corporate
shareholder.
(5) Powers and Purposes—attach the latest copies of the
Memorandum and Articles of Association if not previously
submitted to the Bank of Uganda.

10. Shareholding in any other companies:

Name of company Shares owned % of


Amount Number Capital

………………………… …………… ………… …………


………………………… …………… ………… …………
QUESTIONNAIRE (FOR APPLICANTS ONLY)
11. Name(s) and address (es) of the applicant’s bankers within the last 10
years. (Please also indicate the applicant’s principal bankers)
.……………………………………………………

69
………………………………………………………………………………
……………………………………………………
12. Name and address of the applicant’s external auditors.………
………………………………………………………………………………
…………………………………………………………
13. Does the applicant hold, or has it ever held, any authority from a
supervisory body to carry on any business activity in Uganda or
elsewhere? If so, give particulars. If any such authority has been revoked,
give particulars…………………………………
.……………………………………………………………………………
………………………………………………………………………………
…………………………………………
14. Has the applicant ever applied for any authority from a supervisory body to
carry on any business in Uganda or elsewhere other than the authority
mentioned in answer to question 13? If so, give particulars. If any such
application was for any reason refused or withdrawn after it was made,
give particulars …………………………………………………
……………….……………………………………………………………
………………………………………………………
15 Has the applicant or any company in the same group within the last 10
years failed to satisfy a judgement debt under a court in Uganda or
elsewhere within a year of the making of the order? If so, give
particulars…………………………………………...
16. Has the applicant or any company in the same group made any
compromise or arrangement with its creditors within the last 10 years or
otherwise failed to satisfy its creditors in full? If so, give particulars
…………………………………………………….
………………………………………………………………………………
……………………………………………………
17. Has a receiver or an administrative receiver of any property of the
applicant or any company in the same group been appointed in Uganda or
has a substantial equivalent of any such person been appointed in any other
jurisdiction, in the last 10 years? If so, give particulars, including whether
the receiver is still acting under the appointment
…………………………………………
……………………………………………………………………

70
18. Has a petition been served in Uganda for an administrative order in relation
to the applicant or company in the same group, or has the substantial
equivalent of such a petition been served in any other jurisdiction, in the
last 10 years? If so, give
particulars…………………………………………………………………
………………………………………………………………………………
…………………………………………
19. Has a notice of resolution for the voluntary liquidation of the applicant or
any company in the same group been given in Uganda, or has the
substantial equivalent of such a petition been served in any other
jurisdiction, in the last 10 years? If so, give
particulars…………………………………………………………………
……………………………………………………………
20. Has a petition been served in Uganda for the compulsory liquidation of the
applicant institution or any company in the same group, or has the
substantial equivalent of such a petition been served in any other
jurisdiction, in the last 10 years?. If so, give
particulars…………………………………………………
………………………………………………………………………………
……………………………………………………
21. State whether the applicant company has ever been under any criminal
investigation, prosecution disciplinary action(s), public criticism or trade
sanctions in connection with banking and financial services in Uganda or
elsewhere…………….
………………………………………………………………………………
………………………………………………………………………………
………………………………………...........
22. Are there any material matters in dispute between the applicant institution
and the Uganda Revenue Authority or any equivalent taxation authority in
any other jurisdiction? If so, give
particulars…………………………………………………..
………………………………………………………………………………
………………………………………………………………………………
………………………………………
23. Is the applicant or any company in the same group engaged, or does it
expect to be engaged, in Uganda or elsewhere in any litigation, which may
have a material effect on the resources of the institution? If so, give

71
particulars………………………….
………………………………………………………………………………
………………………………………………………………………………
………………………………………
24. Is the applicant company engaged, or does it expect to be engaged, in any
business relationship with any of its (prospective) directors, officers or
managers? If so, give
particulars…………………………………………………………………
………………………………………………………………………………
…………………………………………
25. Is the business of the applicant’s directors, officers or managers or of
companies in the same group guaranteed or otherwise underwritten or
secured, or expected to be guaranteed or underwritten or secured, by the
applicant company? If so, give
particulars…………………………………………………………………
………………………………………………………………………………
…………………………………………
………………………………………………………………………………
……………………………………………………

26. Please provide any other information, which may assist the Bank of
Uganda in reaching a decision on the
application……………………………………………...………
…………………………………………………………………
DECLARATION

We certify that we have read sections 11 and 16(b) of the Foreign Exchange Act,
2004.

We are aware that it is an offence under the terms of sections 17(1)(e) of the Act to
knowingly or recklessly to provide to the Bank of Uganda or any other person any
information which is false or misleading in a material particular in connection with
the application for a licence under the Act or otherwise.

We, certify that all the information contained in and accompanying this form is
complete and accurate to the best of our knowledge, information and belief and that

72
there are no other facts relevant to this application of which the Bank of Uganda
should be aware.

We undertake to inform the Bank of Uganda of any material changes to the


application which arise while the Bank of Uganda is considering the application.

We recognise the (applicant) company’s obligation under sections 11 of the Foreign


Exchange Act, 2004 and regulations 25 and 26 of the Foreign Exchange (Forex
Bureau and Money Remittance) Regulations, 2006 to provide the Bank of Uganda
with any information in its possession relevant to the exercise by the Bank of
Uganda of its functions under the Foreign Exchange Act, 2004 in relation to the
licensee.

Consistent with this obligation, we undertake, in accordance with regulation 26 of


the Foreign Exchange (Forex Bureau and Money Remittance) Regulations, 2006
that, in the event that the applicant is granted a licence under the Act, we shall
notify the Bank of Uganda of any material changes to, or affecting the completeness
or accuracy of, the answers to the questions above as soon as possible, but in any
event no later than 21 days from the day that the changes come to our attention.
Sworn at Kampala this …………… day of ……………………………

1. …………………………… …………………………
Name Position held

…………………………… ……………………………
Signed Date

2. …………………………… …………………………
Name Position held

…………………………… ……………………………
Signed Date

Deponent understand the contents of this declaration.

73
BEFORE ME,

…………………………………………………
Commissioner for Oaths

74
SCHEDULE 6

FORM A
Regulation 25 (3)
(CONFIDENTIAL)
BANK OF UGANDA

MONEY REMITTANCE (SEND) FORM


The Foreign Exchange Act, 2004
Send Form 25(3) Serial No:
………….

To be completed for every transaction for foreign exchange being remitted (as a
send service).

Name of Authorized dealer .............................………………………


Value Date.............………………………….………………………..
Sender’s details:
Name of sender...........................................................….....................
Address in Uganda .........................................………...................
Occupation ..........................................………..............................
Nationality......................Passport No/ID/Driving Permit No. ..............
Currency Instrument (Mode of Amount Exchange Commission Amount
transmission) Rate in UShs.

Total in Uganda Shillings


Beneficiary’s details:
(i) Reference...........................................………...…………………
(ii) Name..................................................………...………………
(iii) Address.................................................………...………………
(iv) Telephone. ................................................………...……………
(v) E-mail ................................................………...………………
(vi) Destination country...............................................………...…
(vii) Bank details* *...............................................………...………
Purpose: .................................................................................................

75
Declaration by sender: I declare that the information I have provided on this
money remittances send form is true and correct.
Signature of sender.................................................................................
Date.........................................................................................................

Authorised dealer’s undertaking:


The money remitting company undertakes to ensure that the funds are remitted to
the specified recipient. The money sender may obtain a confirmation of receipt of
the said funds on request.

* * Where it is applicable.
* Instrument or mode of transmission may include Swift, TT, Card or as may be
specified.

76
FORM B
Regulation 25(3)
(CONFIDENTIAL)
BANK OF UGANDA
MONEY REMITTANCE (RECEIVE) FORM
The Foreign Exchange Act, 2004

Receive Form 25 (3) Serial No:


…………….
To be completed by the customer/authorized dealer for foreign exchange being
transmitted/remitted (as a receive service).

Name of Authorized dealer.....................……………………………...

Value Date..............………….………………………………………..

Beneficiary’s details......................…………………….……………

Name....................………...……………………………………………

Address in Uganda....................................……………………………

Telephone. ……………………...............................................………...

E-mail....................………………………...........................………...

Source country..........................………………………………………

Code...............................................………...…………………………

Passport No/ID/Driving Permit No.. .....……………………...............

Source: ………………………………………………………………
Currency Instrument (Mode of Amount Exchange Commission Amount
transmission) Rate in UShs.

Total in Uganda Shillings

Sender’s details:
Name.............................................................…………….....................

Address.........................................………........…...............................

Occupation ..........................................……………..............................
Nationality...............................................…………………………......

77
Declaration by beneficiary: I declare that the information I have provided on this
money remittances receive form is true and correct to the best of my knowledge and
belief.

Signature of Customer............................................……………...........

Date............................................................................……………........

Authorized dealer’s undertaking:


The money remitting company undertakes to ensure that the funds are remitted to
the specified recipient. The money sender can obtain a confirmation of receipt of
the said funds on request.

78
SCHEDULE 7

FORM A
Regulation 27(1)(a)

DAILY FOREX BUREAU BUYING AND SELLING RATES

From : Name of authorised dealer


…………………………………………………………………

I/We herewith submit the rates for …………………. Date……………


Currency PURCHASES SALES

Cash TCs Draft Cheques TT Cash TCs Draft Cheques TT

U.S.Dollar

Pound Sterling

Euro

Kenya Shilling

Tanzania Shilling

S. A. Rand

………………………………………
Signature of Forex Bureau Operator Stamp…………………..

79
FORM R
Regulation 27(1) (b) and (c)
To: Director,
Non Banking Financial Institutions Dept.,
Bank of Uganda,
P.O. Box 7120, Kampala
Tel: 041 258441/6, 258739, Fax No. 258739

Monthly/Weekly Returns of Purchases of Foreign Currencies (Inflows)

Week/Month Ended: ……………………

Name of authorised dealer: …………………………………………


Form R CURRENCY
Source of Funds USD GBP € KeS Key for Currencies
1. Domestic Transactions
(a) Transaction between Ugandan USD - U.S. Dollars
Residents GBP - Pound Sterling
(b) Currency Holdings/Withdwals e.g. € - Euro
from savings KES - Kenya Shillings
TZs - Tanzania Shilling
2. Exports of Goods SAR - S. African Rand
(a) Gold Exports (non-monetary gold) RF - Rwandese Franc
(b) Repairs on goods
DM - Deutsche Mark
(c) Goods procured in ports by carriers
CHF - Swiss Franc
(d) Goods for processing
FRF - French Franc
(e) Coffee and other Exports
3. income Receipts YEN - Japanese Yen
(a) Interest received on External assets CAD - Canadian Dollar
(b) Dividends/profits received NLG - Norwegian Guilder
(c) Wages/Salaries BPF - Belgium Franc
4. Service Receipts ITL - Italian Lire
(a) Transportation SEK - Swedish Kroner
(a1) Freight DKK - Danish Kroner
(a2) Passenger AUD - Australian Dollar
(a3) Other ATS - Australian Shilling
(b) Communication services
(c) Construction services
(d) Insurance and Reinsurance
(e) Financial services
(f) Travel
(f1) Business/Official
(f2) Education
(f3) Medical
(f4) Other Personal
(g) Computer and Information services
(h) Royalties and licence fees
(i) Other business services
(j) Personal, cultural, and recreational
services
(k) Government services, n.i.e.

5. Transfers
(a) NGO Inflows

80
(b) Government Grants
(c) Worker’s remittances
(d) other transfers

6. Foreign Direct Equity Investment

7. Portfolio Investment
(a) Government
(b) Bank
(c) Other

8. Loans
(a) Loan Received
(i) Private
Short term (< 1 year)
Long term (> 1 year)
(ii) Government
(b) Loan Repayment (Principal)

9. Interbureaux

10. Bank/Bureaux

11. Other (Please specify)

TOTAL:
Ug. Shilling Value:

Stamp and Signature:

To be submitted to the office of the Director Non Banking Financia Institutions, not
later than five working days after the end of the month for which the return is being
made.

81
FORM P
Regulation 27(1) (b) and (c)
To: Director,
Non Banking Financial Institutions Dept.,
Bank of Uganda,
P.O. Box 7120, Kampala
Tel: 041 258441/6, 258739, Fax No. 258739
Email: NBFI_RETURNS@bou.or.ug

Monthly/Weekly Returns of Sales of Foreign Currencies (Outflows)

Week/Month Ended: ……………………

Name of authorised dealer: ……………………………………


Form P CURRENCY
Source of Funds USD GBP € KeS Key for Currencies
1. Domestic Transactions
(a) Transaction between Ugandan USD - U.S. Dollars
Residents GBP - Pound Sterling
(b) Currency Holdings/Deposits e.g. € - Euro
savings KES - Kenya Shillings
TZs - Tanzania Shilling
2. Imports of Goods SAR - S. African Rand
(a) Government Imports ((Incl. Govt. RF - Rwandese Franc
Projects)
DM - Deutsche Mark
(b) Private Imports (Incl. Parastatal &
NGOs) CHF - Swiss Franc
(i) Oil Imports FRF - French Franc
(ii) Gold Imports YEN - Japanese Yen
(iii) Repairs CAD - Canadian Dollar
(iv) Goods procured in ports by carriers NLG - Norwegian Guilder
(v) Goods for processing BPF - Belgium Franc
(vi) Other Imports ITL - Italian Lire
3. Income Payments SEK - Swedish Kroner
(a) Interest paid on external Liabilities DKK - Danish Kroner
(b) Dividends/profits paid AUD - Australian Dollar
(c) Wages/Salaries ATS - Australian Shilling

4. Service Payments
(a) Transportation
(a1) Freight
(a2) Passenger
(a3) Other
(b) Communication services
(c) Construction services

(e) Financial services


(f) Travel
(f1) Business/Official
(f2) Education
(f3) Medical
(f4) Other Personal
(g) Computer and Information services
(h) Royalties and licence fees

82
(i) Other business services
(j) Personal, cultural, and recreational
services
(k) Government services, n.i.e.

5. Transfers
(a) NGO Outflows
(b) Government Grants
(c) Worker’s remittances
(d) Other transfers

6. Foreign Direct Equity Investment

7. Portfolio Investment
(a) By Government
(b) By Banks
(c) By Other

8. Loans
(a) Loans Extended
(i) Private
Short term (< 1 year)
Long term (> 1 year)
(ii) Government
(b) Loan Repayment (Principal)

9. Bank/Bureaux

10. Interbureaux Stamp and Signature:


11. Other (Please specify)

TOTAL:

Ug. Shilling Value:

To be submitted to the office of the Director Non Banking Financial Institutions


Department, not later than five working days after the end of the month for which
the return is being made.

83
FORM C
Regulation 27(1) (d)

FOREIGN EXCHANGE INFLOWS

Form R (Cash Purchases)


Serial No:
This form should be completed by the customer/authorised dealer for all sales of
foreign exchange to the authorised dealer. The information is required for
statistical and policy purposes only.

Name of Authorised Dealer.............………......................


Currency Amount Rate Amount in Ug.Shs.

Please consult the dealer for guidance if you are not sure of the box to tick
Source of Funds
Transaction between Ugandan Residents [ ] (d) Insurance and re-insurance [ ] Foreign Direct Eq.
Investment []
Currency Holdings/Deposits e.g. savings [ ] (e) Financial services c
(f) Travel Portfolio Investment []
Exports of Goods (11) Business/Official [ ] (a) Government []
(a) Gold exports (non-monetary gold) [ ] (12) Education [ ] (b) Banks []
(b) Repairs on goods [] (13) Medical [ ] (c) Other
(c) Goods procured in ports by carriers [ ] (14) Other Personal []
(d) Goods for processing [ ] (g) Computer and information services [ ] Loans []
(e) Coffee and other exports [ ] (h) Royalties and licence fees [ ] (a) Loan received c
(i) Other business services [ ] (a1)By comm. Banks []
Income Receipts (j) Personal, cultural, and Short term (< 1 year) []
(a) Interest received on external assets [ ] recreational services [ ] Long term (> 1 year) []
(b) Dividends/profits received [ ] (k) Government services, n.i.e. [ ] (a2) Others []
(c) Wages/Salaries [] (i) Private []
Transfers Short term (< 1 year) []
Service Receipts (a) NGO inflows [] Long term (> 1 year) []
(a) Transportation [ ] (b) Government grants [] (ii) Government []
(a1) Freight [ ] (c) Worker’s remittances [ ] (b)Loan repayment []
(a2) Passenger [ ] (d) Other transfers []
(a3) Other [] Interbank []
(b) Communication services [ ] Interbureaux [] Bank/bureaux []
(c) Construction services []
Other (Please specify) _______________________________

Particulars of Seller: To be completed for transactions of US$5,000= and


above or its equivalent.
Name.................................................................................................
Physical address in Uganda...............................................................
Nationality............................. Passport No./ID.....................
Signature of customer.................................................................
Date ...........................................................................……

…………………………………………………
Authorised Dealer’s Official Stamp & Signature

84
FORM D
Regulation 27(1) (d)

BANK OF UGANDA

FOREIGN EXCHANGE INFLOWS


Traveller’s Cheques

Serial No:…………………
Form RTC (Purchases)

This form should be completed by the customer/authorised dealer for all sales of
foreign exchange by the customer to the authorised dealer.

Name of Authorised Dealer


Type of Instrument Serial No. Currency Amount Rate Amount in Ug.Shs.

Particulars of Seller

Name...................................................................................….
Address in Uganda ............................................................…
Nationality.................................. Passport No./ID. .........…...
Signature of Customer ............................................................
Date ...............................................

Authorised Dealer’s Official Stamp & Signature

85
FORM E
Regulation 27(1) (d)

FOREIGN EXCHANGE OUTFLOWS

Form P (Sales)
Serial No:

This form should be completed by the customer/authorised


dealer for all purchases of foreign exchange by the customer
from the authorised dealer)

Name of Authorised dealer ....................................................

Currency Instrument Amount Rate Amount in UShs.

Total in Uganda Shillings


Purpose of purchase:
1
B. Loan Payment details: Particulars of Buyer: To be completed for
transactions of US$5,000= and above or its equivalent

Name…………………………………….
Address in Uganda………………………
Occupation ………………………………
Nationality………Passport No./ID………
Signature of Customer ……………………
Date ………………………………………
Particulars of Buyer*
1. Loan Reference ……… Physical address in Uganda ………………
2.Principal……………… Occupation……………………………
3. Interest ………………. Nationality………Passport No………
4. Commissions ………... Signature of customer……………………
Date: …………………………………
Authorised Dealer’s signature & stamp

86
SCHEDULE 8
FORM A
Regulation 27 (3)(a)
Weekly return for the week ended…………………
BANK OF UGANDA
MONEY REMITTANCE (SEND) WEEKLY RETURN
The Foreign Exchange Act, 2004

Non Banking Financial Institutions Dept,


Bank of Uganda
P.O. Box 7120, Kampala
Name of Authorised Dealer: .....______________________

Weekly Returns of Money Remittances Outflows (send) of


Foreign Exchange (This Information is from money
remittances send form.)

WEEKLY REMITTANCES Outflows (send)


Purpose USD GBP € Kes TZs SAR ¥ Destination
country

Total

Ug. Shs.
Value
To be submitted to the office of the Director Non Banking Financial Institutions
Dept. not later than the first working day after the end of the week for which the
return is being made .........................................................................
Authorised dealers’ Stamp & Signature

87
FORM B
Regulation 27 (3)(b)
Weekly return for the week ended…………………
BANK OF UGANDA
MONEY REMITTANCE (RECEIVE) WEEKLY
RETURN

The Foreign Exchange Act, 2004

Non Banking Financial Institutions Dept,


Bank of Uganda
P.O. Box 7120, Kampala

Name of Authorised Dealer:


________________________________

Weekly Returns of Money Remittances Inflows (receive) of


Foreign Exchange (This Information is from money
remittances receive form)

WEEKLY REMITTANCES Inflows (receive)


Purpose USD GBP € Kes TZs SAR ¥ Source Country

Total

Ug. Shs.
Value
To be submitted to the office of the Director Non Banking Financial Institutions
Dept. not later than the first working day after the end of the week for which the
return is being made .........................................................................
Authorised dealers’ Stamp & Signature

88
FORM C
Regulation 27 (3)(c)

Monthly return for the month of………………

BANK OF UGANDA

MONEY REMITTANCES (SEND) MONTHLY


RETURN

THE FOREIGN EXCHANGE ACT, 2004

Non Banking Financial Institutions Dept


Bank of Uganda
P.O. Box 7120, Kampala

Name of Authorised Dealer: ________________________

Monthly Returns of Money Remittances Outflows (send) of


Foreign Exchange (This information is from money
remittances send form)

MONTHLY REMITTANCES Outflows (send)


Purpose USD GBP € Kes TZs SAR ¥ Source Country

Total

Ug. Shs.
Value
To be submitted to the office of the Director Non Banking Financial Institutions
Dept. not later than the first working day after the end of the week for which the
return is being made .........................................................................
Authorised dealers’ Stamp & Signature

89
FORM D
Regulation 27 (3)(d)

Monthly return for the month of…………………


BANK OF UGANDA

MONEY REMITTANCES (RECEIVE) MONTHLY


RETURN

THE FOREIGN EXCHANGE ACT, 2004

Non Banking Financial Institutions Dept,


Bank of Uganda
P.O. Box 7120, Kampala

Name of Authorised Dealer: ________________________

Monthly Returns of Money Remittances Outflows (receive)


of Foreign Exchange (This information is from money
remittances receive form)

MONTHLY REMITTANCES Inflows (receive)


Purpose USD GBP € Kes TZs SAR ¥ Source Country

Total

Ug. Shs.
Value
To be submitted to the office of the Director Non Banking Financial Institutions
Dept. not later than the first working day after the end of the week for which the
return is being made .........................................................................
Authorised dealers’ Stamp & Signature

90
FORM E
Regulation 27 (3)(e)
(CONFIDENTIAL)
Monthly return for the month of…………………
BANK OF UGANDA
MONEY REMITTANCES MONTHLY RETURN
THE FOREIGN EXCHANGE ACT, 2004
Name of Authorised Dealer:
________________________________

Money remittances inflows and outflows of Foreign


Exchange (This information is from money remittances
receive and send forms)

Transaction Name of Nature of Currency Purpose/ Instrument Amount


Date Customer Transaction Source

(Inflow/Outflow)

Reported by: . ................ Signature: ........ Position.................

91
FORM F
Regulation 27 (3)(e)
Monthly position return for the month of………………………

BANK OF UGANDA
MONEY REMITTANCES MONTHLY RETURN
THE FOREIGN EXCHANGE ACT, 2004
Non Banking Financial Institutions Dept,
Bank of Uganda,
P.O. Box 7120, Kampala
Name of Authorised Dealer: ______________________
Monthly position Returns of Money Remittances of Foreign
Exchange
Monthly position/Balances
CURRENCY USD GBP € Kes TZs SAR ¥
(1)Total forex funds (undisbursed
as at the end of the previous
month ie b/fwd in that month)
(2)Inward Transfers (Received
during that month)
(3) Total 1+2 (during that month)
(4) Disbursements to
beneficiaries in that month
(5)Undisbursed at the end of that
month
(This information is from money remittances receive and send
form)
Indicate the account(s) where the undisbursed amounts are
currently held.
1. ……………………………………………………………
2. ……………………………………………………………
3. ……………………………………………………………
4. ……………………………………………………………
E. TUMUSIIME-MUTEBILE,
Governor, Bank of Uganda

92

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