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Tanzania Anti-Money Laundering Regulations: Reporting Person’s Responsibilities

In a move to combat money laundering and terrorist financing, the Tanzanian government has issued regulations requiring reporting persons to verify information about trusts, individuals, and entities. These regulations aim to ensure that financial transactions are transparent and do not facilitate illegal activities.

Verification of Trust Information

According to Regulation 16, reporting persons must verify trust information by comparing it with documents such as the trust deed, registration certificates, and tax identification numbers. This includes verifying:

• The names of trustees, beneficiaries, and founders of the trust
• Their addresses
• Telephone/fax numbers

Identification Procedures

Regulation 17 outlines general rules on identification procedures for reporting persons. These procedures require satisfactory evidence of identity before establishing a business relationship with an individual or entity. Reporting persons must also:

• Take into account suspicious activities
• Identify third parties acting on behalf of customers
• Conduct ongoing due diligence to ensure that transactions are consistent with the customer’s profile

Maintenance of Correctness

Regulation 18 requires reporting persons to take reasonable steps to maintain the correctness of particulars about existing business relationships, including updating information as necessary.

Reporting of Suspicious Transactions

Regulation 19 mandates reporting persons to report suspicious transactions in accordance with guidelines set by the Financial Intelligence Unit (FIU). The format and manner of reporting will be prescribed by the FIU.

Conclusion

In summary, these regulations are designed to ensure that financial institutions and other reporting persons:

• Verify the identity of customers
• Maintain accurate records
• Report suspicious transactions to prevent money laundering and terrorist financing.