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The Uganda Bankers Association (UBA) has unveiled fraud mitigation guidelines to provides a common foundation for ethical behavior and actions across the financial system.

The guidelines aim to ensure adherence to best banking practices and strong commitment to professional standards in the industry. UBA is the umbrella body that brings together all regulated financial institutions.

Sarah Arapta, chairperson at UBA said the guidelines shall support employees and stakeholders in ethical dilemmas and complex situations.

“Fraud is a significant threat not only to the financial services but also to the wider economy as a whole, since it pauses grave challenges to its stability, credibility, and public trust,” she said during the launch attended by industry leaders at Sheraton hotel in Kampala.

“We have experienced incidences where some few staff have not only breached confidentiality obligations, but also collaborated with fraudsters to share information or compromise access to systems.

“It was therefore critical to have an industry wide code that sets minimum standards and a set of expectations for staff of financial institutions applicable across the entire banking and financial services sector.”

Wilbrod Owor, executive director at UBA said the ethical conduct guidelines are binding to all staff of UBA member institutions with personal liability embedded therein.

Michael Atingi Ego, deputy governor at the Bank of Uganda reading through the set guidlines during during the launch. (Photo by Ali Twaha)

Michael Atingi Ego, deputy governor said the initiative will help in strengthening the bedrock of trust and confidence that underpins our financial institutions.