This archive report was first published on 24 September 2019.
On September 23, 2019, Tanzania's central bank imposed significant fines on five commercial banks for failing to adhere to anti-money laundering regulations.
The Bank of Tanzania (BoT) stated that the banks were penalized for not conducting proper customer due diligence and filing suspicious transaction reports to the Financial Intelligence Unit (FIU).
The largest fine, Tsh655 million ($284,782), was levied against I&M Bank, followed by Equity Bank with a fine of Tsh580 million ($252,415), UBL Bank with Tsh325 million ($141,439), Habib African Bank with Tsh175 million ($76,145), and African Banking Corporation with Tsh145 million ($63,091).
The sanctioned banks have three months to implement anti-money laundering measures, including disciplinary action against staff members involved in opening deposit accounts contrary to Know Your Customer (KYC) requirements.
Tanzania has strengthened regulatory oversight over commercial banks and financial institutions in recent years, with the central bank imposing various requirements to enhance compliance.
