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Tanzania fines 5 banks for anti-money laundering breach

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Tanzania fines 5 banks for anti-money laundering breach

Tanzania's central bank fined five banks a combined 1.88 billion shillings for violating anti-money laundering regulations when they failed to conduct proper due diligence and file suspicious transaction reports to the Financial Intelligence Unit.

The regulator gave the five banks — African Banking Corporation (Tanzania) Ltd., Equity Bank Tanzania Ltd., I&M Bank (T) Ltd., UBL Bank (Tanzania) Ltd. and Habib African Bank Ltd. — three months to implement various corrective measures.

I&M Bank was fined 655 million shillings, Equity Bank 580 million shillings, UBL Bank 325 million shillings, Habib African Bank 175 million shillings and African Banking Corp. 145 million shillings.

The corrective measures include taking disciplinary measures against all staff who were involved in opening implicated deposit accounts contrary to know-your-customer requirements; reporting suspicious transactions; and assessing internal controls and making necessary improvements.

Atlas Mara Ltd. is the ultimate parent of African Banking Corp.; Equity Group Holdings PLC is the parent of Equity Bank; I&M Holdings Plc is the parent of I&M Bank; Bestway Group Ltd. is the parent of UBL Bank; and Habib Group owns Habib African Bank.

As of Sept. 19, US$1 was equivalent to 2,294.50 Tanzanian shillings.