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AML Guidelines for Small Businesses in Tanzania, United Republic of

The Tanzanian government has implemented various Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) laws, regulations, and guidelines to prevent financial crimes. For small businesses operating in Tanzania, it is essential to understand these requirements to ensure compliance.

AML Legislation

Tanzania has two main AML/CFT legislations:

  • The Anti-Money Laundering Act, Cap. 423 of 2006 (AMLA) for mainland Tanzania
  • The Anti-Money Laundering and Proceeds of Crime Act, No. 10 of 2009 (AMLPOCA) for Zanzibar

Regulations

The government has issued various AML/CFT regulations to implement these laws:

  • The Anti-Money Laundering Regulations, 2023
  • The Prevention of Terrorism Regulations, 2022
  • The Anti-Money Laundering (Electronic Funds Transfer and Cash Transactions Reporting) Regulations, 2019

Other relevant legislation includes:

  • The Proceeds of Crime Act, Cap. 256 of 1991
  • The Prevention of Terrorism Act, Cap. 19 of 2002
  • The Mutual Assistance in Criminal Matters Act, Cap. 254 of 1991

Guidelines

The Bank of Tanzania has issued various AML/CFT guidelines for different sectors:

  • Banking institutions
  • Accountants and auditors
  • Insurers
  • Collective investment schemes
  • CMSA licensees

Additionally, the government has published guidelines on:

  • Targeted financial sanctions
  • Customer identity verification
  • AML/CFT risk assessment

Compliance

Small businesses in Tanzania must ensure compliance with these AML/CFT requirements to avoid fines and reputational damage. It is essential for businesses to understand their obligations under the law and regulations and implement effective AML/CFT measures to prevent financial crimes.

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