Regulatory Alerts2006-01-01
Banking and Financial Institutions Act, 2006
Enacted by the Parliament of Tanzania, this Act vests comprehensive licensing and supervisory authority in the Bank of Tanzania over all banks, financial institutions, and savings cooperatives. It mandates strict capital and reserve compliance, establishes a Deposit Insurance Fund to protect depositors, and defines permissible activities alongside robust liquidation and seizure procedures. By empowering the Bank to conduct examinations, impose penalties, and execute prompt corrective actions, the legislation ensures the stability, safety, and soundness of the national financial system.
Share