Country Manual Private Banking
Tanzania
BRP has updated its Country Manual Private Banking for Tanzania out of Bank’s Country of Establishment (DEF, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and in line with the evolving interpretation of the current legal and regulatory framework. We can confirm that there have been no relevant regulatory changes since the last publication of this Country Manual.
Non-material changes
Some content has been slightly reworded throughout the document, without introducing any material changes, to reflect the regulatory situation and current interpretation of the regulatory framework more accurately.
In the Behaviour Template the condition “unofficial tolerated practice” has been deleted for some activities where the condition “no formal rules” was already mentioned, with the aim to lighten the document. This does not change the fact that activities tolerated based on reverse solicitation are permitted only based on an unofficial tolerated practice, as specified in the Regulatory Summary and the Regulatory Template.
The whole chapter on Foreign Exchange Controls has been modified, without introducing any material changes, to better reflect and explain the latest regulation on the subject, dated from 2022.
Implications for business relations with third parties
As the Country Manual has been updated to the latest template, the third parties chapters now provide clearer sections, notably to distinguish B2B and B2C distribution of material to a local EAM.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “TANZANIA” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, January 7th, 2025