Regulatory Alerts2014-01-01
Bank of Zambia Guidance Note No. 3 of 2014 on Staff Training for Anti-Money Laundering
The Bank of Zambia mandates that all bureaux de change establish comprehensive anti-money laundering training programs for staff across all seniority levels, in accordance with Directives 18 and 19 of its Anti-Money Laundering Directives. These programs must address suspicious transaction indicators, reporting protocols to the Money Laundering Reporting Officer, client-facing compliance procedures, supervisory duties, and specialized legislative instruction for reporting officers. Conducted at least annually to reinforce procedural awareness, failure to implement these training requirements constitutes a statutory offence under Section 13(4) of the Prohibition and Prevention of Money Laundering Act No. 14 of 2001.
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