Regulatory Alerts2014-01-01
Banking and Financial Institutions (Internal Control and Internal Audit) Regulations, 2014
Issued by the Bank of Tanzania under the Banking and Financial Institutions Act, these Regulations mandate all banks and financial institutions to establish effective corporate governance frameworks and comprehensive systems of internal controls. The rules require Boards of Directors to oversee risk management and audit functions while senior management implements control activities, ensures segregation of duties, and maintains accurate financial reporting. Institutions must appoint qualified internal auditors, submit annual audit plans and quarterly reports to the Bank, and face financial penalties or disqualifications for non-compliance.
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