September 23, 2019 / 5:50 AM / 23 days ago

Tanzania fines five banks for lax anti-money laundering controls

DAR ES SALAAM, Sept 23 (Reuters) - Tanzania’s central bank said on Monday it had 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 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).” (Editing by Hereward Holland)

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