Tanzania Fines Five Banks For Financial

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Tanzania’s central bank says it has fined five commercial banks for breaching the country’s anti-money laundering regulations.

The banks hit with the regulatory penalties are African Banking Corporation Tanzania Ltd, Equity Bank Tanzania Ltd, I&M Bank Tanzania Ltd, UBL Bank Tanzania Ltd and Habib African Bank Ltd.

The Bank of Tanzania in a statement says 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).”


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