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New technology to help BoU monitor financial inflows

A new Application Program Interface API to link the entire financial sector to that of the National information data base at NIRAm, could be in place by December.

Dr. Tumubweine Twinemanzi, the Executive Director in charge of Supervision at Bank of Uganda says that the requirement through the Bankers Association should shield the economy against illicit flows as well as cyber targets.

This particular development comes at a time when the Financial Intelligence Authority continues to raise the red flag against numerous suspicious transactions within the 30 Trillion shilling industry.

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