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5 Tanzanian Banks Breach Anti-Money Laundering Regulations

Tanzania banks anti money laundering regulations breach

In a notice to the public dated 19th September 2019, the Bank of Tanzania (BOT) informs that it has imposed monetary penalties to five banks for breach of the Anti-Money Laundering Regulations.

BOT found out that the banks failed to conduct proper customer due diligence and file suspicious transaction reports to the Financial Intelligence Unit (FIU).

The banks concerned are African Banking Corporation (T) Limited, Equity Bank (Tanzania) Limited, I&M Bank (T) Limited, UBL Bank (T) Limited, and Habib African Bank Limited TZS.

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In addition to the penalties, the banks have been directed to implement corrective measures within three months.

In 2018, BOT closed down 5 banks upon the determination that they were critically undercapitalized

It revoked the banking license of Covenant Bank, Efatha Bank, Njombe Community Bank, Kagera Farmers’ Cooperative Bank, and Meru Community Bank.

On the same year, it took over the administration of Bank M Tanzania Plc (Bank M) after determining that the bank had critical liquidity problems and was unable to meet its maturing obligations.

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