Financial Crime World

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Tanzania’s Financial Intelligence Unit Releases Anti-Money Laundering Guidelines for Bank of Tanzania

In a move to strengthen anti-money laundering (AML) regulations in Tanzania, the United Republic of Tanzania’s Financial Intelligence Unit has released guidelines for Bank of Tanzania, one of the country’s regulatory authorities.

Effective Date and Purpose

The guidelines come into effect on April 1, 2009, and are designed to ensure that Bank of Tanzania and its regulated institutions comply with the Anti-Money Laundering Act Cap. 423 and related regulations.

Key Requirements

  • Bank of Tanzania must develop and implement policies and procedures for preventing money laundering and combating the financing of terrorism (CFT).
  • Conduct on-site inspections to ensure that its regulated institutions are adhering to AML/CFT laws and regulations.
  • Develop and implement a training program for its own staff, as well as ensure that its regulated institutions train their staff adequately on AML/CFT matters.

Staff Training and Awareness

The guidelines emphasize the importance of staff training and awareness in AML/CFT issues. Bank of Tanzania is required to:

  • Develop and implement a training program for its own staff.
  • Ensure that its regulated institutions train their staff adequately on AML/CFT matters.

Customer Due Diligence

In addition, the guidelines require Bank of Tanzania to ensure that its regulated institutions have sound Know Your Customer (KYC) policies and procedures, including:

  • Retaining records of customer identification and transactions.
  • Verifying identities of customers in line with the provisions of the Act and related regulations.

Reporting Suspicious Transactions

The guidelines also stress the importance of reporting suspicious transactions to the Financial Intelligence Unit. Bank of Tanzania is required to:

  • Establish a contact point for handling AML/CFT issues.
  • Appoint a Money Laundering Reporting Officer (MLRO) who will be responsible for ensuring that suspicious transaction reports are timely and appropriately filed with the Financial Intelligence Unit.

Collaboration and Intent

The guidelines were developed by the Financial Intelligence Unit in collaboration with Bank of Tanzania, and are intended to help prevent money laundering and terrorist financing in Tanzania.