Here is the converted article in Markdown format:

Tanzania’s Anti-Money Laundering Regulations: New Rules on Identifying Trusts and Reporting Suspicious Transactions

In a bid to strengthen its efforts against money laundering and terrorist financing, Tanzania has introduced new regulations aimed at enhancing the identification of trusts and reporting of suspicious transactions. The revised regulations come into effect on [date] and are expected to boost transparency and integrity in the financial sector.

New Rules on Identifying Trusts

Under the new regulations, trust service providers will be required to maintain accurate records of all beneficial owners, managers, and controllers of trusts. This is aimed at ensuring that there is no concealment of beneficial ownership or control of a trust.

• Verify the identity of individuals involved in the management or administration of a trust, including trustees, protectors, enforcers, and other persons authorized to act on behalf of a trust.
• Obtain information on the source of funds used to establish or maintain a trust, as well as the purpose and intended nature of the trust.

Reporting Suspicious Transactions

The regulations also introduce new requirements for reporting suspicious transactions. A report made under the Act shall be made in accordance with the format and manner prescribed by the Financial Intelligence Unit (FIU) in the Guidelines.

• The report must contain information on:
  • Type of transaction
  • Date and time of the transaction
  • Amount involved
  • Identity of all parties involved

Other Key Changes

Other key changes introduced under the regulations include:

• Reporting persons who are not physically present during the identification process to be subject to more stringent verification procedures.
• The need for reporting persons to conduct ongoing due diligence to ensure that transactions undertaken throughout the course of a business relationship are consistent with their knowledge of the client.
• The requirement for reporting persons to update information collected under the customer due diligence process.

Implementation

The new regulations will come into effect on [date] and will apply to all trust service providers, financial institutions, and other entities subject to the Act. Compliance with the regulations is mandatory, and non-compliance may attract severe penalties.

In conclusion, the introduction of these new regulations marks a significant step forward in Tanzania’s efforts against money laundering and terrorist financing. The regulations are aimed at enhancing transparency and integrity in the financial sector and ensuring that trust service providers and other entities subject to the Act comply with their obligations under the law.