Regulatory Alerts2017-04-18
Banking and Financial Services Act, 2017
Enacted by the Parliament of Zambia, this legislation establishes a comprehensive regulatory framework for licensing, supervising, and operating banking and financial service providers under the oversight of the Bank of Zambia. The Act mandates strict prudential standards, including minimum capital adequacy, liquidity buffers, and leverage ratios, while enforcing robust corporate governance, fit-and-proper requirements for directors, and transparent financial reporting. It introduces stringent consumer protection measures, prohibits anti-competitive and unfair business practices, outlines insolvency and resolution procedures for failing institutions, and grants the regulator comprehensive enforcement and penalty powers.
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