AML/CTF compliance in Tanzania

Anti-Money Laundering Act, 2006 (AMLA) and its associated regulations.

1. Customer Due Diligence (CDD): Covered entities, including banks, financial institutions, money remitters, attorneys, accountants, and other designated non-financial businesses and professions (DNFBPs), are required to establish and implement risk-based CDD measures. This includes verifying the identity of customers, obtaining beneficial ownership information, and assessing the risk associated with each customer.
2. Reporting Suspicious Transactions: Covered entities must report any suspicious transactions or activities that may be related to money laundering, terrorism financing, or other unlawful activities to the Financial Intelligence Unit (FIU) of Tanzania. The reports should be made promptly when suspicion arises.
3. Covered Transaction Reporting: Covered entities are required to report cash transactions exceeding a certain threshold and other designated transactions to the FIU. The threshold amount and types of transactions subject to reporting are determined by the regulations.
4. Record-Keeping: Covered entities must maintain records of transactions, customer identification information, and supporting documentation for at least seven years from the date of the last transaction. These records should be readily available for examination by regulatory authorities.
5. Compliance Programs: Covered entities are expected to establish and maintain effective AML/CFT compliance programs. This includes implementing internal policies, procedures, and controls to detect, prevent, and report money laundering and terrorism financing activities. Staff training and regular independent audits are also important components of these programs.
6. International Cooperation: Tanzania actively cooperates with international counterparts in combating money laundering and terrorism financing. This involves exchanging information, cooperating on investigations, and providing assistance to other jurisdictions when requested.