Regulatory Alerts2023-10-11
Code of Conduct for Retail Foreign Exchange Market
The Bank of Tanzania issued this Code to establish ethical and professional standards for banks, financial institutions, and bureaux de change operating in the retail foreign exchange market. Market participants must maintain transparent pricing, implement robust governance and conflict-of-interest controls, and adhere to strict know-your-customer and anti-money laundering protocols. The Code mandates accurate transaction reporting, effective complaint resolution within five working days, and grants the central bank enforcement powers to ensure compliance across all retail FX activities.
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