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Responsible Banking Initiatives

Anti-Money Laundering Policy

Money Laundering is a process whereby terrorist, criminal and other illegal organizations, through a series of large money transactions, use banks and financial institutions to fund their subversive activities. They undertake these transactions by resorting to false identities/ documents and layering the transactions to hide the origins of the transactions.

IN order to prevent such transactions being routed through Bank M Tanzania Limited, the bank has decided to put a proactive Anti Money Laundering Policy in place. The subsequent chapters of this policy provide the guiding principles to deal with money laundering activity and transactions of various kinds. This policy is binding on the bank and all of its directors /officers/employees and any individual or organization dealing with the bank.

Know Your Customer

Know Your Customer (KYC) guidelines is a set of rules which assist in ascertaining the true identities of potential customers, including their true contact details and the nature of business. Ascertaining the true identity of the customer cannot be complete without obtaining and confirming the requisite introductions and references. KYC, being a proactive approach, necessarily mandates that the exercise must be carried out before opening any account in the bank’s book