Regulatory Alerts2012-01-01
Bank of Tanzania (Credit Reference Databank) Regulations, 2012
The Bank of Tanzania issued these regulations to establish and administer a centralized Credit Reference Databank that promotes credit information sharing, financial stability, and competition among reporting institutions. Reporting institutions must submit accurate, monthly credit data on all existing and new facilities by the tenth day of each month, while authorized entities gain non-discriminatory access to verify creditworthiness and prevent fraud. The framework mandates strict data security and confidentiality, prohibits the storage of sensitive personal details such as medical history and political affiliation, and empowers the Bank to enforce compliance through fines, access suspensions, and director disqualifications.
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