Tanzania’s AML/CTF supervisors
The 2006 Anti-Money Laundering Act led to the creation of the FIU. To help combat money laundering and terrorism financing, the act defines reporting entities (financial institutions and other specified businesses).
How do you comply with the AML/CTF regulations in Tanzania?
Reporting entities include the following enterprises.
Financial institutions and banks
Dealers in cash, such as:
- Insurers and independent insurance agents
- Brokers or dealers in securities
- Bullion dealers for gold
- Dealers or issuers of travellers' cheques
- Issuers or dealers of money orders
- Money transfer businesses
- Owners of gaming businesses
- Collective investment plans, their trustees, and their managers
- Exchange offices
Real estate agents
Accountants
Dealers in precious metals, artwork, or stones
Customs officers, regulators
Notaries, lawyers, and other independent legal experts
Auctioneers
As a reporting entity, you must ensure the following.
Identifying domestic and foreign politically exposed persons (PEPs) before and during the business relationship or when executing transactions for sporadic customers
Maintaining records of each client transaction
Determining the risks of money laundering and terrorism financing connected to the goods and services you provide and put effective risk mitigation measures in place
Reporting regulatory information
What are my AML/CTF reporting obligations?
You are required to alert the FIU for any suspicious transaction as a reporting entity. Your reporting requirements consist of:
Reporting suspicious transactions (STRs) as soon as you become aware of them, within 24 hours
Cash transactions worth at least $10,000 USD
Electronic funds transfers worth at least $1,000 USD
