SA WEAK ECONOMY TANZANIA FINES FIVE BANKS FOR LAX ANTI-MONEY LAUNDERING CONTROLS BLAMED ON UNIONS
KIGALI- Issues like negotiations on key instruments and more
DAR -
Agreement, Rwandan
an ania ha fined fi e co ercial ban o er , for breaching anti oney laundering rule , the late t in a erie of o e ai ed at tightening
May 30.
regulation in the financial
According to the AU,
er ice ector
the The remaining Bank work of Tanzania for the (BoT) AfCFTA said is for in the a AU statement and the African fines ministers were imposed of trade “for to failure finalize work to conduct on supporting proper customer instruments due to diligence facilitate the and file launch suspicious of the operational transaction reports phase of to the the AfCFTA (state-run) during Financial an extra-ordinary Intelligence heads Unit (FIU).” of state and government summit I&M Bank on July was 7. slapped with the biggest fine at
These instruments include US 285,039. 2, followed by rules Equity of origin, schedules Bank (US of 252,358.00), tariff concessions UBL Bank on trade (US 141,407.50), in goods, online Habib non-tariff African Bank barriers (US 7 ,142.50) monitoring and and African elimination Banking mechanism, Corporation (US 3,089.50). digital payments and settlement platform and African Trade Observatory
JDAILY NATION
ES SALAAM
The banks were not immediately available for comment. The regulator gave three months to the sanctioned banks to implement various anti-money laundering measures, which include taking disciplinary action against all staff members “who were involved in opening implicated deposit accounts contrary to K C (know your customer) requirements”. very Tanzania important has to the tightened implementation, regulatory oversight the official over said. commercial Strong banks governments and other are financial necessary institutions to ensure over the the past implementation, few years. said Enock The Twinoburyo, central bank Senior last Economist month gave at the all Sustainable banks and Development financial institutions Goals Center in for Tanzania Africa based 90 days in Kigali, to estabcapital lish primary city of data Rwanda, centres in noting the East that African political nation, saying it will impose hefty fines challenges or political on lenders that fail to comply. pressures The country’s in different financial sercountries vices sector, lately which will affect is domithe implementation. nated by lenders like CRDB Bank Poor infrastructure, and NMB Bank, nonhas tariff been barriers hit by to a protect spike in bad local loans, industries which have and sti ed funding the constraints growth of credit for transition to the private of the sector. AfCFTA - Reuters could also affect the implementation of the AfCFTA, said Twinoburyo.
he enya e enue uthority BEIJING— ha fro en Google ban account owned by frica nion’ rein urance fir o er a h billion illion ta bill, etting the tage for a battle between airobi and the continental body
African Reinsurance Corporation (Africa Re) has protested the taxman’s move, terming it a violation of immunity granted to it in 1987 by founder members. But KRA has already instructed Africa Re’s bankers
other institutions holding the continental firm’s funds The to freeze announcement the accounts and hand over the monies to the highlighted taxman. The the firm growing is majority-owned by AU’s member damage states. to Its Huawei other shareholders from include the African Washington’s Development order. Bank, The four non-African investors and company over 100 has large said insurance until companies from across the now continent. U.S. accusations it
we are complying with all is a security The freeze threat has have threatened to cause a diplomatic
US gov’t requirements, had tiff little between impact Kenya on sales and other member states.
services Nation indicates like Google that Play KRA outside Correspondence the United States. seen by the
& August security 28 from demanding Google Huawei sent a notice Technologies Africa Re on
Sh12.8 billion (US 123 million) Play within Protect 30 will days. keep Ltd., which uses Google’s
The letter was sent through functioning the Ministry on of your Foreign existing Android operating system
Affairs and copied to the firm’s Huawei bankers device,” Citibank. said in its smartphones, said
It adds that under agreements Google founding on Twitter. Africa Re and it would continue to
opening a regional office in Nairobi, Google any allows dispute that is provide security updates
to arise between the reinsurer smartphone and Kenya’s manufacturers government and can service. only be It resolved gave no through to arbitration. use Android and its indication The reinsurer which map, wrote to the Ministry basic services of Foreign for free. Affairs