Banks to blacklist customers convicted of fraud

The Uganda Bankers’ Association has issued guidelines on how to mitigate fraud within Uganda’s financial sector with one of the proposals entailing all commercial banks to blacklist customers, staff, and collaborators convicted of fraud. The revelation was made by Sarah Arapta, the Association’s chairperson while unveiling the Banking Industry Guidelines on Mitigation of Fraud (BIGF) in Kampala. She defended the proposal to cut off individuals and companies found guilty of fraud from Uganda’s financial institutions on grounds that fraud is a significant threat not only to the financial services but also to the wider economy since it poses grave challenges to its stability, credibility, and public trust. Michael Atingi-Ego, Deputy Governor, Bank of Uganda in his remarks welcomed the guidelines […]