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AML/CTF Legislation in Tanzania

AML/CFT Legislation in
Tanzania  ​

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Our AML/CTF solutions in Tanzania ​
PEP and Sanction Check
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Adverse Media Check
Adverse Media Screening - Keep up to date on any risk associated with your client by leveraging reliable global media.
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ID Verification
Verify the identity of your customers and avoiding the consequences of non-compliance
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Enhanced Due Diligence
Assess and lower the danger of doing business with high-risk clients with our Enhanced Due Diligence service.
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Jurisdictional Risk Checks
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Tanzania’s AML/CTF Supervisors

(FIU) - The Financial Intelligence Unit

The FIU was established  under the Anti-Money Laundering Act of 2006. The Act identifies Reporting Persons (financial institutions and other identified businesses) to assist in counteracting money laundering and the financing of terrorism.

How to comply with FIAMLA regulations in Tanzania

The following businesses are considered “Reporting Persons”:

  • Banks and Financial Institutions
  • Cash Dealers, including :
  • Insurers
  • Intermediary insurance brokers
  • Securities dealers or brokers
  • Gold bullion dealers
  • Travellers’ Cheques Issuers or Dealers
  • Money Order Issuers or Dealers
  • Money Remitters
  • Operators of Gaming Activities
  • Collective Investment Schemes and their trustees or managers
  • Bureau de Changes
  • Accountants
  • Real Estate Agents
  • Dealers in precious stones, works of art, or metals
  • Regulators
  • Customs Officers
  • Attorneys, notaries, and other independent legal professionals
  • Auctioneers

As a Reporting Person, you need to ensure that you:

  • Conduct customer due diligence before and during the course of the business relationship or conducting transactions for occasional customers identifying Domestic and Foreign Politically Exposed Persons (PEPs); and
  • Keep records of all customer transactions  
  • Identify all money laundering and terrorist financing risks associated with the products and services that you offer and implement appropriate mitigations for these risks  
  • Submit regulatory reports

What are my AML/CTF reporting obligations?

As a Reporting Person, you must report suspicious transactions to the FIU. Your reporting obligations include:

  • Submitting Suspicious Transaction Reports (STRs) within 24 hours of you becoming aware of the suspicious transaction
  • Cash transactions equivalent to 10,000 USD or more
  • Electronic Fund Transfers equivalent to 1,000 USD or more

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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