It is legal to trade Forex in Tanzania as the Tanzanian Government doesn’t have any laws governing the legality. Bank of Tanzania control international monetary exchange overseeing outgoing cash-flow from the country(1). Trading Forex is legal as long as you abide by financial laws that prevent money laundering(2) and you declare your income tax. While using a regulated broker is not a legal requirement.
Funding an account is fairly straightforward in Tanzania if you are using a credit card connected with a major bank. Â
KYC – Anti-Money-Laundering
Banks and financial institutions globally have signed up to a program called KYC. It is a law set in place to stop money laundering by anonymous actors. When you sign up for a Forex trading account, and before you will be allowed to make a deposit, you will need to complete your KYC documentation. It is very easy. It requires you to submit:
- A colour copy of a valid ID – this can be a passport, drivers license or ID Card.
- A recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) issued in the past three months and confirms your home address.