Regulatory Alerts2014-01-01
Bank of Zambia Circular 20/2014 on FATCA Implementation
The Bank of Zambia directs all commercial banks to complete IRS registration under the Foreign Account Tax Compliance Act (FATCA) by 1 July 2014 to avoid withholding tax penalties. Following the government's adoption of Model 2 of the Intergovernmental Agreement, institutions must submit compliance status reports to the Bank Supervision Department by 30 June 2014. Failure to register will be classified as an unsafe and unsound practice, triggering applicable regulatory sanctions and potential systemic banking stability risks.
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