Regulatory Alerts2005-01-01
Bank of Zambia Circular 07/2005 on Counterfeit Banknotes
The Bank of Zambia issued this circular to commercial banks, requiring them to implement enhanced verification procedures and staff training following recent discoveries of counterfeit currency. Banks must instruct cash handlers to scrutinize key security features, including multi-image holograms, watermarks, raised print, security threads, and unique serial numbers, particularly during bulk transactions. All suspected counterfeit notes must be immediately reported and surrendered to the Bank of Zambia or the Zambia Police Service, with further guidance available from the Banking, Currency and Payment Systems Department.
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