Regulatory Alerts2004-01-01
Bank of Zambia Anti-Money Laundering Directives, 2004
The Bank of Zambia issued these directives to mandate comprehensive anti-money laundering compliance for all licensed banks and financial institutions operating in the country. Regulated institutions must implement strict customer due diligence, verify identities and beneficial ownership, maintain transaction records for ten years, and appoint management-level Money Laundering Reporting Officers to evaluate and forward suspicious activity reports to law enforcement. The framework further requires boards to establish annual compliance programs, conduct mandatory staff training, cooperate fully with investigations, and face criminal penalties for non-compliance under the Prohibition and Prevention of Money Laundering Act.
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