Regulatory Alerts1995-01-01
Banking and Financial Services (Return of Unclaimed Funds) Regulations, 1995
The Government of Zambia, acting under the Banking and Financial Services Act 1994 and on the recommendation of the Bank of Zambia, has established regulations requiring licensed banks and financial institutions to report dormant accounts to the Registrar. These institutions must submit annual returns within sixty days of each calendar year's end for all Zambian currency funds with no customer transactions or account inquiries for at least ten years. The rules mandate detailed reporting of account holder names, addresses, fund classifications, and outstanding balances, while explicitly exempting individual accounts with balances below ten thousand Kwacha from this requirement.
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