LAW OF BANKING AND NEGOTIABLE INSTRUMENTS

QUESTION: 6

Makati a business man in Kyengera was introduced to enter a deal which involved robbing Stanbic
bank. On the day of the robbery, Makati was given a gun and he was to work in a group of four (4)
other men. On the 12th December, 2022, Makati and his team entered Ntinda branch at 4: 55 pm and
successfully executed their plan.

They collected 1 billion Uganda shillings from the safe deposit which they shared among themselves.
But because Makati lives in a two (2) roomed house, he did not feel safe about keeping the money in the
house. He was advised to deposit the money on his account in Centenary bank Kyengera branch.

When Makati deposited the money, on his account, Munabi the bank manager of centenary bank was
excited that his bank was now getting large deposits. He inquired to know the customers who had
deposited large sums of money on their account to enable him contact Makati.

(a) Discuss the legal issues presented in the above problem.

(b) Advise Munabi about the best cause of action (COA) in the above circumstances.

QN 6 (a) Discuss the legal issues presented in the above problem

BRIEF FACTS:

Makati a business man in Kyengera entered a deal which involved robbing Stanbic bank. Makati was
given a gun and worked with four (4) other men. On the 12th December, 2022, Makati and his team
entered Ntinda branch at 4: 55 pm and robbed 1 billion shilling, which he deposited to his account in
Centenary bank. Munabi the bank manager of centenary bank got excited.

ISSUES:

Issue I: Whether there was any relationship between Makati and Centenary bank.

Issue 2: Whether the bank had a duty to disclose Makati’s transaction details to any authority without
his consent.

LAWS APPLICABLE:

The 1995 constitution1

The Financial Institutions Act 20042

1
(as amended)
2
as amended
The Bank of Uganda Act 1993

The Anti-Money laundering Act

Case laws

RESOLUTION OF ISSUES:

ISSUE 1: Whether there was any relationship existing between Makati and Centenary bankLTD

The Financial Institutions Act3 defines a bank to mean any company licensed to carry on financial
institutions business as its principle business and includes all branches and offices of that company in
Uganda. Similarly, the Black’s Law Dictionary on page 76 defines a bank to mean an institution of
great value, in the commercial world, empowered to receive deposits, of money, make loans and to issue
its promissory notes.

In Uganda, all commercial banks to which Centenary bank belongs, are regulated by Bank of Uganda, as
provided for under Article 162(1) & (2)4 and must be licensed in line with section 4 of the Financial
Institutions Act5

For a person to establish a relationship with the bank, then he/she should have or show intensions to
have an account with that particular bank. In Great Western Railway V London and Country
Banking Co. LTD,6 Lord Davey LJ on page 48 stated that a person was not a customer of a bank,
where he had no account of any sort with the bank and nothing to his credit in any book or paper held by
the bank.

In relation to the facts at hand, since Makati has an account with Centenary bank Kyengera branch, he
therefore has a contractual relationship with Centenary bank, which makes him a customer to the bank.

Similarly, a customer has been defined as someone who has an account with the bank or who is in such
a relationship with the bank that the relationship of the banker and customer exists, as stated by Justice
Mubiru in Kizito V Equity bank & Anor7

Conclusion of issue 1

Relying on the above authorities, we therefore find a banker and a customer relationship existing
between Makati and Centenary Bank LTD, since Makati held a bank account and made deposits to it.

3
2004 Second schedule
4
of the 1995 constitution.
5
2004
6
1901 AC 414
7
CS No. 36 of 2013
 ISSUE 2: Whether the bank had a duty to disclose Makati’s transaction details to any authority
without his consent.

Section 40 of Bank of Uganda Act8 prohibits any bank from publishing any information regarding its
affairs with customer of the bank without obtaining consent of the customer. This is a legal duty arising
out of a contract between a customer and the bank, which creates a duty of secrecy and or
confidentiality.

This therefore means that Makati’s transaction made to Centenary bank remains confidential between
him and the bank. However, Tounier V National Provincial and Union Bank of England 9, where the
bank disclosed to its customer’s employer the facts relating to its customers transaction and as a result,
the customer’s employer did not renew his contract with the customer. Bankes LJ in the court of appeal
on page 32 held that confidentiality was an implied term in the customer’s contract and any breach
could give rise to liability in damages for any loss except under the following circumstances;

i. Where the bank is compelled by law

ii. Where the bank has a public duty to do so.
iii. Where it is in the interest of the bank or its client to do so
iv. Where the client consented to such a publication and or disclosure of his/her transactions.

Conclusion of Issue 2

In light of the above authorities, we find that Makati’s transaction with Centenary bank falls within the
exceptions, where a bank has an obligation to make a disclosure both to the lawful agencies and to the
central bank, because it is against public policy.

Other circumstances where a bank has an obligation to make a disclosure of the customer’s
account information include:.

i) Where disclosure is under the Compulsion of the law.

a) Section 6 of the Evidence (Banker’s Book) Act10 provides that on application of any party to a legal
proceeding a court may order that such a party be at liberty to inspect and take copies of any entries
in a banker’s book for any of the purposes of such proceedings. This therefore means that the police
can apply for a court order to inspect Makati’s account and the bank has an obligation to disclose
such details.
In Bucknell v Bucknell (1969) 1 WLR 1204 it was decided that a bank may be compelled by law to
disclose the state of its customer account in legal proceedings.

8
Cap 51
9
1924 1 KB 461
10
Act Cap 7
b) Section 131 (1) of the Income Tax Act11 obliges the banker to disclose any information in its
possession including the dealings or affairs of its customer.
c) The Leadership Code Act12 The Inspector of Government is authorized by order under the hand of
the Inspector General or Deputy Inspector General to authorize any person under its control to
inspect any bank account or any safe or deposit in a bank. An order made under the section is
sufficient authority for the disclosure or production of any person of any information, account,
document or articles required by the person so authorized. These wide powers were thought
appropriate in fighting corruption.
d) Anti Corruption Act13 Notwithstanding anything in any law contained the DPP or IGG by written
notice in the course of investigation or proceedings into or relating to the offence by any person
employed by any public body under the Act require the manager of a bank to give copies of the
accounts of that person or of the spouse or son or daughter of that person at the bank. These
provisions compel the bank in very clear terms to disclose the affairs of its customer.
e) Inspection of Companies under section. 173-184 of the Companies Act, 2012.
Section 176 provides that it shall be the duty of all officers and agents of the company and agents of any
other body corporate whose affairs are being investigated to produce to the inspector all books and
documents. Section 176(7) defines agent in relation to the company or other body corporate to include
bankers. But s. 184 makes it clear that the company’s bankers are not required to disclose any
information as to the affairs of their customer other than the company.

f) The Financial Institutions Act, 2004, contains provisions which require the bank to disclose the
customers’ affairs. These include disclosing to the Credit Reference Bureau non performing loans
which the customer has failed to pay and information of customers involved in financial malpractice.
✓ Section78 (2)of FIA provides for banks to reveal to the Central Bank accounts which contain
funds from the proceeds of a crime
✓ Section 118(1), FIA provides for banks to advertise in the print media unclaimed balances which
have been on the register of dormant accounts for more than three years.
✓ Section 119(4), FIA makes it an obligation of banks to inform the national law enforcement
agencies of any suspected money laundries activity related to any account. under.
However to plead compulsion by law, the disclosure must derive its authority from the statute or court
order and not casual inquiries by police officers on suspicion that an offence was committed.

In Standard Bank of West Africa v. A.G of the Gambia 1972 14, the supreme court of Gambia held
that;

11
Cap 340,
12
Cap 167, Section 28
13
2009 Section 41(1)
14
(3) ALR Comm 449
a search warrant should issue against the bank only if the bank is suspected of having committed the
offence itself or of harboring evidence directly connected with the crime, and should not issue in any
case where an inspection order might be made under the Bankers Books Evidence Act 1879 and the
court must be satisfied that the applicant has very good reason to apply for the warrant, and it is not
enough that the applicant hopes that in the course of the search he may come up with evidence of the
commission of the offence.

g) Garnishee proceedings.
A court order for disclosure can be in the form of garnishee proceedings under Order 20 CPR. In such
proceedings money held by a banker to the credit of a customer judgment debtor may be attached to
satisfy the judgment debt. The bank is called upon to show cause as to why its customer’s money should
not be attached. In these proceedings banks have to disclose their customer’s affairs. Just because the
amount of debt cannot be ascertained that alone does not defeat the claim of a garnish to attachment

ii) Where there is a duty to the public to Disclose.

This duty was described in Tournier’s case as where a higher duty than the private duty is involved e.g.
where danger to the state or public duty may supersede the duty of the agent to his principal. An
example is in case where in times of war the customer’s dealings indicate trading with the enemy

Where the interest of the bank require disclosure.

A typical case is where a customer brings a suit against the bank. In such case, the bank will be allowed
to reveal the customers affairs in court proceedings as part of its defense.

In Sunderland V Barclays Bank Ltd (1938) 5 LDAB 163 a bank dishonored cheques drawn on it by a
married woman, principally because the account had insufficient credit balance, but the cheques were
drawn in respect of gambling debts. When her husband interceded at her request, he was told by the
branch manager that most of the cheques were drawn in favour of bookmakers. She sued for breach of
duty of secrecy. It was held that the disclosure was in the interest of the bank.

iii) Where the Disclosure is made by Consent of the Customer.

The consent may be express or implied and may be general in the sense that the bank is permitted to
disclose the general state of the customer’s account or special in that the bank is entitled to supply only
such information as is sanctioned by the customer. Answering inquiries from another bank acting on
behalf of the customer is within the scope of banking business and the practice may be regarded as
implicitly authorized by most customers of the banks. In Parsons v. Barclays & Co. Ltd (1910) 2
LDAB 248, It was held that answering inquiries is very wholesome and useful habit by which one
banker arrives in confidence, and answers honestly, to another banker, the answer being given at the
request and with this knowledge of the first banker’s customer.
IN CONCLUSION:

It is a settled argument that Makati is a customer to the said Centenary bank as evidenced by him
holding an account with them and making deposits, however, his aforementioned transaction may not
pass the test of legitimacy and the bank ought to disclose it to the intelligence agencies, to bank of
Uganda and also to other banks as provided by law.

QN 6 (b) Advise Munabi about the best cause of action (COA) in the above circumstances.

The Black’s Law dictionary defines a cause of action refers to a legally recognized wrong that creates
the right to sue.

In the instant case, Munabi being a bank manager has obligations under the law to;

✓ To report this suspicious transaction to the relevant authorities within a period of not morethan two
(2) working days. 15
✓ To maintain the account in the names of Makati the account holder.
✓ To verify the identity of Makati and make a reconciliation of his previous transactions with the bank.
✓ Filling this transaction report with the Financial Institutions Authority, among other measures.

Here the best cause of action against Makati would arise out of an act of money laundering as defined
in section 15 to mean, converting, transfer, transform or transmit property, knowing or suspecting that
such property to be the proceeds of a crime, for the purpose of concealing or disguising the illicit origin
of the property or of assisting any person who is involved in the commission of the crime generating the
proceeds to evade the legal consequence of his or her actions.

Money Laundering16.Money laundering has been addressed in the UN Vienna 1988 Convention Article 3.1
17
describing Money Laundering as:“the conversion or transfer of property, knowing that such property is
derived from any offense(s), for the purpose of concealing or disguising the illicit origin of the property or of
assisting any person who is involved in such offense(s) to evade the legal consequences of his actions”.

Money laundering is a process which typically follows three stages to finally release laundered funds
into the legal financial system.
Stages of Money Laundering

15
Sections 78, 118, and 119 FIA 2004
16
United Nations Office on Drugs and Crime

https://www.unodc.org › unodc › money-laundering

17
UN convention on drugs and crime
• Placement (i.e. moving the funds from direct association with the crime)
• Layering (i.e. disguising the trail to foil pursuit)
• Integration (i.e. making the money available to the criminal from what seem to be legitimate
sources)
In the case of UGANDA V SSERWAMBA DAVID MUSOKE & 6 OTHERS18, where the accused
and several others were charged of money laundering and causing financial loss c/s 116 (a) & 136 (1)
(a) AMLA.19

The particulars were that Sserwamba David Musoke in April 2015 in the Kampala District, for
purposes of disguising or concealing the illicit origin of money in the sum of
UGX 255,000,000/= transmitted the said money to Sserwamba Isaac knowing or having reason to
believe that the said money was proceeds of crime.

The accused maintains that the money belonged to his father, one (Baker Sserwamba) who gave it to
(Sserwamba Isaac) for safe custody. The accused was there by convicted of anti-money laundering

.“Suspicious transaction”. Section 1

Refers to a transaction which is inconsistent with a customer’s known legitimate business or personal
activities or with the normal business for that type of account or business relationship or a complex and
unusual transaction or complex or unusual pattern of transactions (Sec. 1 AML ACT 2013 as amended)
Examples of suspicious transactions

1. Money laundering using cash transactions like what Makati and four others did.

2. Money laundering using deposit accounts

3. Money laundering using investment related transactions among others.

Obligations to be followed by the accountable persons;20

Registration with FIA By virtue of regulation 4 of the AML Regulations 2015, you are required to
register with the FIA for the purpose of identifying yourself as an entity which is supervised by the FIA.
You must also notify the FIA of a change of address of your registered office or principal place of
business.
Reporting suspicious transactions and certain cash transactions

18 (HCT-00-AC-SC 11 of 2015) [2017] UGHCCRD 100 (30 May 2017)

19
Anti- Money Laundering Act 2013
20
Fourth schedule of Anit-money laundering Act 2013 pg99
By virtue of section 9 of the AMLA (as amended), Legal Professionals are required to report to the FIA
if they suspect or have reasonable grounds to suspect that; A transaction or attempted transaction
involves proceeds of crime or, A transaction or attempted transaction involves funds related or linked to
or to be used for money laundering or a transaction or attempted transaction involves funds related or
linked to or to be used for terrorism financing, regardless of the value of the transaction. This can be by
means of;

Excessively obstructive or secretive client, Client is reluctant to provide identity documents;

Transactions involve unusual levels of funds or cash; Unexpected deposits into clients’ account.etc.

Reporting Cash Transactions,

.Section 125 21 makes it an offence for a person to fail to report any suspicious transaction that comes to
his or her knowledge to the authorities.

A person referred to in part 10(b) in part III who fails to send report to the authorities regarding the
conveyance of cash to the in accordance with that section, commits an offence 22

Penalties for the offence of anti-money laundering23

In the case of Makati being a natural person, he may be liable to imprisonment for a period not
exceeding fifteen years or a fine not exceeding hundred thousand currency points or both if found guilty.

In conclusion, Munabi may end up being held accountable if he does not report of Makati’s suspicious
transaction to the relevant authorities for investigations.

21
Anit-money laundering Act 2013
22
Section 127, Anit-money laundering Act 2013
23
Section 136 Anit-money laundering Act 2013
QUESTION 7

“Banking transactions are increasingly being transacted over different Internet payment
platforms which are borderless virtual market and the world biggest shopping mall. This has been
referred to as electronic banking. This development witnesses the emergence of a new group of
consumers known as e-banking consumers. This new group of consumers is increasing in number
over the years as online banking become a trend and manifestation of Modern life style in Uganda.
E-banking raises more complex legal and consumer issues in banking law"

Critically discuss the above statement in accordance with the legal framework regulating electronic
banking transactions in Uganda?

E-banking is defined to mean a method of transaction in which the customers conduct transactions
electronically, via the internet. It gives a 24 hour banking convenience to customers.24

The increasing trend towards electronic banking in Uganda has created new opportunities for
consumers, but also poses challenges to the legal framework that regulates these transactions. The
emergence of e-banking consumers has led to a need for new laws and regulations that provide adequate
protection for both consumers and financial institutions.

One of the main challenges facing regulators is how to ensure the security and privacy of electronic
banking transactions. The use of different Internet payment platforms means that banking transactions
are being conducted across different jurisdictions, highlighting the need for international standards for
electronic banking security and data protection.

The legal framework regulating electronic banking transactions in Uganda includes;

✓ The 1995 constitution

✓ The Electronic Transactions Act25, which provides for the legal recognition of electronic transactions
✓ The Financial Institutions Act26, which regulates financial institutions and their conduct.
✓ Sale of goods and supply of services Act27

Advantages of E-banking to its users:

➢ There is speed and efficiency as compared to analogue systems.

➢ Online bill payment has led to increased business turn over

A customer is able to monitor his account easily; these platforms enable customers to access and manage
their bank accounts remotely, without the need for physical visits to the banks.
24
Online Library
25
2011
26
2014 as amended
27
2017
➢ Money transfer has been made simple and secure.

However, there is a need to strengthen this framework to address the specific issues associated with e-
banking, and to provide adequate protection for consumers from fraudsters such as;

✓ Providing clear guidelines for the collection, use, and sharing of consumer data by financial
institutions, as well as for the rights of consumers to access and control their personal information.
✓ Financial institutions need to have robust security measures in place to prevent unauthorized
access and fraudulent activity, and should be held liable for any losses incurred by consumers as a
result of their negligence or failure to implement proper security measures.
✓ Another important legal issue is the protection of consumer privacy and data, especially in light of
the increasing use of mobile banking and other electronic channels.
✓ Furthermore electronic banking transactions should place liability on banks for errors and
unauthorized transactions. Under the Financial Institutions Act 2004, banks are liable for any
losses suffered by their customers as a result of errors or unauthorized transactions; unless the bank
proves that the customer had acted fraudulently.
✓ The e-banking legislations should also address the question of jurisdiction for e-banking related
offences committed in the course of dealings between Ugandans living in Uganda and entrepreneurs
living overseas.

In Hesse Brian V Ssenyonga Patrick and Ors28, where the accused hacked the account of a Tanzanian
company and fraudulently obtained money to a tune of USD160, 000, as donation from an American
based Organization, Justice Madrama on page 50 stated that there was fraud committed through
electronic means.

One important legal issue that arises in e-banking is the liability of financial institutions for unauthorized
transactions carried out through electronic channels. Electronic banking transactions involve the use of
electronic payment platforms, such as mobile money, electronic funds transfer, and online banking
services. The legal framework regulating electronic banking transactions in Uganda is primarily
governed by the Financial Institutions Act 2004. This Act provides for the licensing, regulation, and
supervision of financial institutions and defines the rights and obligations of financial institutions and
their clients. In addition, the Electronic Transactions Act 2011 provides the legal basis for electronic
transactions in Uganda.

One of the key legal and consumer issues in electronic banking transactions is the security of electronic
payment platforms. Banks have a duty of care to ensure that their electronic payment systems are secure
and that customers' personal data are protected. In case of any breach of security, banks can be held
liable for any loss suffered by the customer.

28
2015
In the case of Crane Bank Ltd v. UAP Insurance (U) Ltd29, the court held that banks have a duty to
implement reasonable security measures to protect their customers' funds from electronic fraud. The
court held that the bank was liable to compensate the customer for losses suffered as a result of
fraudulent withdrawals from the customer's account.

In the case of Bank of Baroda (U) Ltd v. MTN Uganda Ltd30, the court held that the bank was liable
to compensate the customer for unauthorized transactions made using the customer's account. The court
held that the bank failed to implement sufficient security measures to prevent the unauthorized
transactions.

In conclusion, electronic banking transactions are becoming increasingly popular in Uganda, and this
trend has raised legal and consumer issues in banking law. The legal framework regulating electronic
banking transactions in Uganda provides for the licensing, regulation, and supervision of financial
institutions and defines the rights and obligations of financial institutions and their clients. Banks have a
duty to ensure the security of their electronic payment systems and are liable for any losses suffered by
their customers as a result of errors or unauthorized transactions.

29
[2017] UGComMC 1
30
[2018] UGComMC 8
QUESTION 4:

BRIEF FACTS

Mr. and mrs Basics saw a television advert from Omikron Bank which read as come and see our
amazing managers to advise you on how to overcome risks. The couple went and met Mr. Guy who told
them that they would get 150000pounds if they singed a document called the flexible legal charge which
was a new type of mortgage. No repayment was to done unless the stock market fell by 30%, Mr. Basic
was required to first see a lawyer since he did not have any deposit. Mr. Basis told his wife that the idea
of the manager was very good that could enable them to enjoy their retirement without any risk of losing
their home.mr basic signed the mortgage and after three years, the stock fell by 30% and the bank is
demanding their money.

ISSUES

1. Whether Mr. and Mrs Basic were customers of the bank

2. Whether the bank owed a duty to Mr. and Mrs Basics

3. Whether there are any remedies available to Mr. and Mrs. Basics

LAW APPLICABLE

Constitution of Uganda 1995 as amended

Evidence law

Financial institutions act

Case law

RESOLUTION OF ISSUES

ISSUE 1: Whether Mr. and Mrs Basic were customers of the bank

Financial Institutions Act 31defines a bank to mean any company licensed to carry on financial
institutions business as its principal business and includes all branches and offices of that company in
Uganda.

All banks in Uganda are controlled by the Bank of Uganda through the provisions of Bank of Uganda
Act32and FIA Act33rooting the powers from article 162(1) and (2)34.

31
2004 second schedule
32
Cap 51
33
2023 as amended
For the transaction between a bank and any individual there must be any relationship connecting the two
or more parties to the bank. This is mostly after having an account with the bank any transaction.
Therefore, in the case of Great Western Railway V London and Country Banking co ltd35Lord
Davey LJ36stated that a person was not a customer of the bank, where he had no account of any sort
with the bank and nothing to his credit in any book or paper held by the bank.

Also, I n the case of United Dominion Trust Ltd V Kirkwood it discussed the characteristics of a bank
to include;37

• It honors cheques of their customers as and when need arises

• Draws cheques of their customers upon customers request and that bank keeps current accounts of
their customers.

Therefore, in the instant case Mr. Basic having obtained 150000 ponds and signed the Felix legal charge
from Omikron Bank it means that these were customers of the bank and therefore there was a
contractual and fiduciary relationship which existed between the bank and the customer.

We there resolve on issues one that Mr. and Mrs Basic were customers of the bank because they had an
account with them and a bank meeting the characteristics of a bank as seen above in the case of united
Dominion.

ISSUE 2: Whether the bank owed a duty to Mr. and Mrs Basics

In the instant case the duty of the bank to the customer is a duty of fiduciary relationship or duty of trust.

This arises in situations where the customer relies much on the at most good faith knowledge of the bank
in which case the bank is under the obligation to provide all sufficient information to enable make or
take decision.

In Llyod v Bundy38 where the elderly farmer gave out his home to cater as mortgage for his son’s
company to obtain a loan and the plaintiff relaying much on the information of the assistant manager of
the bank was not informed on the dangers of the mortgage where consequently the sons company
collapsed and the bank attempted to recover their money by taking over plaintiffs home as agreed.

The issue was whether the plaintiff was liable for the breach having relied on the information of the
bank.

34
1995 constitution as amended
35
(1901) AC 414
36
Page 48
37
(1966)2 QB 431
38
(1975) QB 326
Court observed that the relationship between the back and the customer was that of confidentiality
which court intervenes in its abuse since there was conflict of interest with the plaintiff him being a
guarantee and him losing the house in which the bank ought to have told him to seek legal advice
thereby making the father liable for breach of his duty and therefore the guarantee was set aside basing
on undue influence.

In the instant case, since the bank did not inform the customers about the dangers of the mortgage
thereby only informing them about the fall in stock market of 30%, we find similar facts in the above
case and therefore resolve that the bank breached the fiduciary duty between it and the customer(s)

ISSUE 3: Whether there are any remedies available to Mr. and Mrs. Basics

We find the following remedies applicable to the aggrieved parties as discussed below,

1. Damages

These are awards of mostly compensatory in nature given to the aggrieved party to a dispute as away of
compensating for their loss.

In the instant case we find Mr. and Mrs Basic to qualify for the award of compensation under damages
since the bank failed to give the legal implications of the Felix legal charge there by misleading the
customers to tame wrong decisions hence breaching the duty of fiduciary relationship it had with the
customers.

In the case of AZK Services Ltd V Crane Bank Ltd39where the plaintiff was awarded damages for the
breach of fiduciary duty and negligent act of the bank failing to acknowledge the request of the customer
hence leading to its loss.

2. Costs of suit

This is provided for under section 27 of the Civil Procedure Rules or Act 40provides that the costs of
any action cause or other matter shall follow the event unless the court or judge shall for good reasons
otherwise order. This means that costs can be granted if requested by the party which petitioned the
case and the court for reasons can deny or grant the costs of suit.

Therefore, in the instant case due to the facts in the case, Mr. and Mrs Basic being aggrieved if they take
legal cause of action to the court can request the ban costs of suit and so there are higher chances being
granted costs of suit due to breach of the fiduciary relationship between the bank and the customer.

39
Cs 332 of 2016
40
Statutory instrument 71-1
In conclusion therefore, having resolved the above issues, we find the Omikron bank in breach of
fiduciary duty because the grieved parties were customers of that bank thereby entitling remedies to Mr.
and Mrs Basic as discussed above.
REFERENCES:

✓ The 1995 Constitution as amended

✓ The Financial Institutions Act 2004
✓ The Finance institutions (Agent banking Regulations)41
✓ Bank of Uganda Act 1993
✓ Financial Institutions (Limits on credit concentration and large exposures Regulations 2005)
✓ Anti- money laundering Act
✓ Electronic Transactions Act 2011
✓ Civil Procedure Rules

Case Laws

Great Western Railway V London and Country Banking Co. LTD,42

Kizito V Equity bank & Anor43

Tounier V National Provincial and Union Bank of England

In Bucknell v Bucknell (1969) 1 WLR 1204

Standard Bank of West Africa v. A.G of the Gambia 1972

Bank of Baroda (U) Ltd v. MTN Uganda Ltd44,

Books

✓ M.J Holden Law & Practice of Banking 5thEd. Vol. 1 & 2

✓ Ross Cranston: Principles of banking Law, Oxford University Press,2002
✓ The Black’s Law Dictionary

Other sources

Blacks’ Law Dictionary

Online Library

41
2017
42
1901 AC 414
43
CS No. 36 of 2013
44
[2018] UGComMC 8