Regulatory Alerts2019-01-01
Anti-Money Laundering (Electronic Funds Transfer and Cash Transaction Reporting) Regulations 2019
The Tanzanian Minister for Finance and Planning issued these regulations under the Anti-Money Laundering Act to mandate reporting persons, including financial institutions, legal professionals, accountants, and gaming operators, to report currency transactions exceeding USD 10,000 and electronic funds transfers exceeding USD 1,000 to the Financial Intelligence Unit. The regulations specify required data fields across two schedules, require submission within five working days, and establish risk-based procedures for handling transfers lacking originator or beneficiary information. Furthermore, the FIU is empowered to impose administrative sanctions, including fines ranging from one to five million shillings per day, license suspensions, and staff removals for non-compliance.