Regulatory Alerts2014-01-01
Banking and Financial Institutions (Physical Security Measures) Regulations, 2014
The Bank of Tanzania issued these regulations to mandate minimum physical security measures for all banks and financial institutions, requiring them to implement comprehensive security programs, install specified devices like vaults and surveillance cameras, and appoint dedicated security officers. Institutions must develop written policy manuals, conduct regular staff training, maintain detailed incident records, and report any robbery or burglary to the Bank within one working day. Non-compliance triggers enforceable sanctions, including financial penalties, suspension of new branches or deposits, and potential license revocation.
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