Regulatory Alerts2012-01-01
CB Circular 12/2012 Guidance on the Treatment of Foreign Currency Cheques
The Bank of Zambia issued Circular 12/2012 to mandate that commercial banks accept foreign currency cheques involving licensed non-bank financial service providers. This directive clarifies that such intermediaries are authorized to handle foreign currency transactions, thereby preventing unnecessary disruption to the national payment system. Commercial banks must still exercise standard due diligence when both the drawer and payee are unlicensed entities.
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