From American Banker April 18, 2014 TBTF Feedback: "Too big to fail" is fading in...
Circular No. 8 on Money Laundering Control
(enacted in 2000)
Circular No. 8 on Money Laundering Control provides guidelines to control money laundering that are applicable to all licensed banks and financial institutions in Tanzania.
This circular mandates that banks and financial institutions:
- Identify procedures to be placed to verify the identity of the customers;
- Communicate to staff, provide information on policies and provide appropriate training;
- Identify issues relating to record keeping of information such as retaining of documents, retrieving information on time and recognition and reporting of suspicious transactions;
- Develop training programs on money laundering; and
- Establish penalties and sanctions on institutions for not abiding by this circular, including revocation of banking licenses.