Regulatory Alerts2015-01-01
Bank of Zambia Directives on Foreign Currency Cash Transactions
The Bank of Zambia has revised the daily over-the-counter foreign currency cash transaction limits applicable to commercial banks, effective immediately. The updated caps set daily deposit and purchase limits at US$100,000 for companies and US$20,000 for individuals, while establishing a uniform US$1,000 daily limit for non-account holders and a US$5,000 limit for account holder withdrawals. Commercial banks must enforce Know Your Customer and anti-money laundering protocols, report cumulative limits across client accounts, and submit weekly transaction returns to the Bank Supervision Department.
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