Tanzania: National Bank of Commerce fined over data rules breach
Tanzania’s National Bank of Commerce has been fined 1 billion Tanzanian shillings (US$435,000) after failing to establish its own data centre.
Tanzania’s central bank ordered the country’s financial institutions to establish data centres in 2014, promising heavy fines for non-compliance. The National Bank of Commerce is the second bank to be penalised in the past two months for failing to comply with the regulations.
National Bank of Commerce fined 1 billion shillings
Last month, the central bank fined Diamond Trust Bank Tanzania 1 billion shillings for breaching new regulatory rules on financial data and service availability. Now, the National Bank of Commerce finds itself in the same position as Tanzania continues to try and clean up the financial sector.
The central bank has also issued a new directive that all banks and financial institutions must establish primary data centres within the next three months or face fines of 5 billion shillings.
Featured image: By FredyVC – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=64252137