Stanbic Bank
Stanbic Bank
Stanbic Bank
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Stanbic Bank
Stanbic Bank
Stanbic Bank
Stanbic Bank

Commercial banks demand identities of beneficiaries of funds on company accounts

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Commercial banks have asked all companies holding accounts with them to reveal the identities of the actual beneficiaries of the funds.

The banks under their umbrella body, the Uganda Bankers Association (UBA), say this is in line with the Companies (Amendment) Act (2022) and the Partnership (Amendment) Act (2022).

“In accordance with the Companies (Amendment) Act (2022) and the Partnership (Amendment) Act (2022), every company and Limited Liability Partnership registered in Uganda is required to keep a register of its beneficial owners,” UBA said in a statement released on Friday, 24 November 2023.

UBA defines a beneficial owner as a natural person who has final ownership or control of a company or partnership or a natural person on whose behalf a transaction is conducted in a company or partnership and includes a natural person who exercises ultimate control over a company or partnership.

“This is therefore to notify all companies and limited liability partnerships, who operate bank accounts in the UBA Member financial institutions licensed and supervised by Bank of Uganda, to provide information on the ultimate beneficial owners of their respective entities as filed with the Uganda Registration Services Bureau (URSB), not later than November 30th, 2023,” the bankers association said in the statement.

To file with URSB, companies are required to update their data on the online Business Registration System

According to UBA, after 30th November 2023, the company’s bank account may be restricted from transacting if not updated by that set date.

“Customers are therefore encouraged to contact/visit their respective financial institution for further information/clarification regarding their accounts to ensure they are updated, to avoid any inconveniences,” the statement adds.

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