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Global FinTech Guide
Name
Global FinTech Guide
Country _ Name
United Rep of Tanzania
SectionTitle
KYC requirements
Body
The
know your customer
or
know your client
(
KYC
) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.
Legal affairs
National regulatory framework regarding AML and effective date of the regulations
The Anti-Money Laundering Act, 2006 Act No. 12 of 2006 is the main act governing Anti Money Laundering in Tanzania. It came into operation in 2006. It works together with many other laws such as the Prevention and Combating of Corruption Act 2007; the Bank of Tanzania Act, 2006; the Banking and Financial Institutions Act, 2006; the Prevention of Terrorism Act 2002; the Bank of Tanzania Money Laundering Control Circular No. 8 of 2000; the Tanzania Income Tax Act 2004; the Foreign Exchange Act, 1992; and the Tanzania Investment Act 1997;
National regulator or relevant authority for AML controls
Through the Anti-Money Laundering Act (“
AMLA
”) 2006, a Financial Intelligence Unit (“
FIU
”) has been created as an extra-ministerial department of the Ministry of Finance controlling Anti Money Laundering in Tanzania. Section 4(2) of the AML Act 2006 empowers the FIU to receive, analyse and disseminate suspicious transaction reports and other information regarding potential money laundering or terrorist financing received from reporting persons and other sources.
There is also a National Multi-Disciplinary Committee on anti-money laundering, which assesses and improves anti-money laundering policies and advises the government on anti- money laundering and other related matters.
Other regulators are the Bank of Tanzania; the Individual Banks & Financial Institutions duly licensed; Capital Markets and Securities Authority; the Insurance Supervisory Department; the Gaming Board; Ministry of Finance (Orders of the Minister); Ministry of Home Affairs; the Attorney General of the United Republic of Tanzania; the Director of Public Prosecution (in the Ministry of Justice and Constitutional Affairs); the Director of Prevention and Combating of Corruption Bureau (PCCB); the Police Force; Business Registration and Licensing Authority; Tanzania Revenue Authority; Customs & Excise Department; Municipal Trade / Licensing Officer; Registration Insolvency & Trusteeship Agency; Registrar of Societies & Non-Governmental Organizations; Immigration Department; Tanzania Investment Centre; and the Tanzania Intelligence & State Security Services Unit and Anti-Terrorism Unit.
Customer Due Diligence
Conduct of a typical KYC identification process
Ordinarily, the applicant needs to show an official record reasonably capable of establishing the true identity of the applicant. This official record can be a birth certificate or an affidavit to that effect; a passport or other official means of identification; in the case of a corporation, a copy of the organization’s Memorandum and Articles of Association and a certificate of incorporation together with the latest annual reports certified by the Registrar of Companies; and any other documents as may be prescribed by the Minister in the regulations.
Additionally, if a person is acting on behalf of another person, the reporting person shall take reasonable measures to establish the true identity of any person on whose behalf or for whose ultimate benefit the applicant may be acting in the proposed transaction, whether as trustee, nominee, agent or otherwise.
The Guidelines for the Verification of Customers’ Identities issued by the FIU further elaborate on due diligence measures.
If the client is a natural person, lawyers shall verify the client’s information by:
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Authors
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Name
Organisation
Email
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Susan Taryn Nelima, Advocate
Hilton Law Group
[email protected]
0
4910
Dorothy Ndazi
Hilton Law Group
[email protected]
0
4910
Masmuha Ibrahim
Hilton Law Group
[email protected]
0
4910
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