The Banking and Financial Institutions (Prompt Corrective Actions) (Amendment) Regulations, 2024

These Regulations may be cited by their short title and are to be read together with the 2023 principal Regulations.

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Jurisdiction: Tanzania
Instrument: Regulation
Citation: The Banking and Financial Institutions (Prompt Corrective Actions) (Amendment) Regulations, 2024
Version: Undated source snapshot
Language: en
Official source: View official record ↗

corrective action plans regulatory amendments regulatory compliance deadlines

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These Regulations may be cited by their short title and are to be read together with the 2023 principal Regulations. This amendment requires a bank or financial institution to submit a written corrective action plan within 30 days of a directive, unless the Bank sets a longer period. The amended rule says a suspension under paragraph (c) continues until the suspended person fixes the non-compliance that caused it.

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Provisions of The Banking and Financial Institutions (Prompt Corrective Actions) (Amendment) Regulations, 2024

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These Regulations may be cited as the Banking
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AI-assisted research summary: These Regulations may be cited by their short title and are to be read together with the 2023 principal Regulations.

1. These Regulations may be cited as the Banking and Financial Institutions (Prompt Corrective Actions) (Amendment) Regulations, 2024 and shall be read as one with the Banking and Financial Institutions (Prompt Corrective Actions) Regulations, 2023 hereinafter referred to as the “principal Regulations”. Amendment of regulation 5
2
The principal Regulations are amended in
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AI-assisted research summary: This amendment requires a bank or financial institution to submit a written corrective action plan within 30 days of a directive, unless the Bank sets a longer period.

2. The principal Regulations are amended in regulation 5(1) by deleting paragraph (a) and substituting for it the following: “(a) require the bank or financial institution to submit, within thirty days from the date of the directive or such further period as the Bank may specify, a written plan of corrective action which-” 1 Banking and Financial Institutions (Prompt Corrective Actions) (Amendment) Regulations GN. No. 418 (Contd) Amendment of regulation 6
3
The principal Regulations are amended in
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AI-assisted research summary: The amended rule says a suspension under paragraph (c) continues until the suspended person fixes the non-compliance that caused it.

3. The principal Regulations are amended in regulation 6(1) by adding the following proviso: the that, “Provided suspension to under paragraph (c) shall referred continue in force until the suspended person has rectified the non compliance which led to the suspension.” Dodoma, 21st May, 2024 EMMANUEL M. TUTUBA Governor 2

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The Banking and Financial Institutions (Prompt Corrective Actions) (Amendment) Regulations, 2024

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Provisions of The Banking and Financial Institutions (Prompt Corrective Actions) (Amendment) Regulations, 2024

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