CLYDE & CO UPDATER; THE ANTI-MONEY LAUNDERING (AMENDMENT) REGULATIONS 2019
This legal briefing outlines the highlights of the Anti-Money Laundering (Amendment) Regulations of 2019 (the Amendments) which came into force on 24 May 2019. The amendments have been incorporated into the Anti- Money Laundering Regulations of 2012 (the Regulations) and are read as one. Combatting money laundering and terrorist financing is undertaken by the Financial Intelligence Unit (the FIU) which is an extra-Ministerial Department under the Ministry of Finance.
Highlights of the Amendments
- Requirements on citizens and residents of Tanzania
- Requirements on local entities
- Requirement to carry out money laundering and terrorist financing risk assessment
- Enhanced due diligence and surrounding circumstances
- Where to use simplified customer due diligence measures
- Administrative sanctions
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