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Tanzania Anti-Money Laundering Regulations: Identification Requirements

In a move to combat money laundering and terrorist financing, the Tanzanian government has introduced new regulations requiring financial institutions and other designated persons to implement robust identification procedures.

Regulations Overview

The regulations, published in the Government Notice No. 289 of 2022, require reporting persons to maintain accurate and up-to-date records of their customers’ identities, business relationships, and transactions.

Identification Requirements

Under these regulations, reporting persons must identify individuals, entities, partnerships, and trusts before establishing a business relationship or entering into a single transaction. The identification procedures must take into account the suspicion of money laundering or terrorist financing where a prospective customer is not physically present during the identification process.

Verification of Particulars

Reporting persons must verify particulars provided by customers against official documents and other independent sources. In cases where a customer dies or ceases to exist, reporting persons must verify the particulars against information reasonably expected to achieve such verification.

Format for Reporting Suspicious Transactions

Reports of suspicious transactions, currency transactions, cross-border transportation of currency, and electronic funds transfer must be made in accordance with the format prescribed by the Financial Intelligence Unit (FIU) in the Guidelines.

Purpose of the Regulations

The regulations are aimed at preventing the misuse of financial systems for illicit activities and ensuring that Tanzania complies with international standards on anti-money laundering and combating the financing of terrorism.