Regulatory Alerts2015-01-01
Surrender of Safe Custody Items Unclaimed for More Than Ten Years
The Bank of Zambia directs all commercial banks to surrender safe custody items unclaimed by clients for over ten years, pursuant to Section 76(2)(c) of the Banking and Financial Services Act. Banks must conduct an urgent inventory review and submit qualifying items to the central bank by 24 February 2015, while establishing ongoing compliance protocols. Surrender notifications and supporting details should be coordinated with the Director of Bank Supervision to ensure seamless official receipt.
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