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BoU: Amin Forex Bureau Operations Illegal

Bank of Uganda has warned the general public against carrying out transactions with Amin forex bureau located at Wilson road, Shop No. B/3 at Arua Park Mall in Kampala.

According to a statement released by the central bank’s Deputy Governor Dr. Louis Kasekende, the license that was given to the above bureau expired and was never renewed; hence the company does not have permission to transact any business prescribed under the foreign bureau exchange act 2004.

“The public is warned that whoever deals with this bureau, its proprietors, directors or managers in relation to foreign exchange or money remittance does so at her or his own risk,” the statement warns.

It further states that by continuing to operate without a license, Amin Forex Bureau is violating the section 5 of the foreign exchange act hence anyone who deals with it is doing it in violation of the law.

BoU reaffirms its commitment to the public to continue safeguarding the stability and integrity of the financial sector, said Kasekende.

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