Tanzania fines five banks for lax anti-money laundering controls

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September 23 2019

Tanzania’s central bank said on Monday it had fined five commercial banks over $800,000 for breaching anti-money laundering rules, the latest in a series of moves aimed at tightening regulation in the financial services sector.

The Bank of Tanzania (BoT) said in a statement the fines were imposed “for failure to conduct proper customer due diligence and file suspicious transaction reports to the (state-run) Financial Intelligence Unit (FIU).”