Financial Intelligence Unit of Tanzania - Anti‐Money Laundering and Counter Terrorist Financing Guidelines to Insurers

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The products and transactions of insurers can provide the opportunity to launder money or to finance terrorism. Some examples of the type of life insurance contracts that are vulnerable as a vehicle for laundering money or terrorist financing are products such as: unit‐linked or with profit single premium contracts, single premium life insurance policies that store cash value, fixed and variable annuities, and (second hand) endowment policies. Thus, insurers can be involved, knowingly or unknowingly, in money laundering and the financing of terrorism. The Financial Intelligence Unit of Tanzania's Anti‐Money Laundering and Counter Terrorist Financing Guidelines to Insurers are issued pursuant to Section 6 (f) of the Anti‐Money Laundering Act, 2006 and Regulation 32 (1) 9 (c) of the Anti-Money Laundering Regulations, 2007. The guidelines apply to all insurers (offering life or non‐life products) operating in Tanzania, and help insurers take adequate measures to prevent its misuse by money launderers and terrorists. The guidelines set forth provisions on the following topics:

1. Customer Due Diligence (CDD)
2. Enhanced Due Diligence ‐ Politically Exposed Persons
3. Enhanced Due Diligence ‐ Other Higher Risk Categories of Customers
4. Measures to Address Use of New Technologies and Non‐Face‐To‐Face Business Verification
5. Reliance On Intermediaries to Perform CDD Measures
6. Record Keeping
7. Ongoing Monitoring and Paying Attention to Unusual Transactions
8. Ensuring Customer Information Is Kept Up‐to‐Date
9. Suspicious Transaction Reporting
10. Internal Policies, Compliance, Audit, Training and Employee/Agent Screening
11. Foreign Branches and Subsidiaries
12. Examples of Money Laundering/Terrorist Financing Involving Insurance

 

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Year of Document: 
2011
Date of Document: 
Friday, April 1, 2011
Document Authors: 
Financial Intelligence Unit of Tanzania
Language (This Document): 
English

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