Regulatory Alerts2018-01-01
NB Circular No. 1/2018 on Electronic Bureaux de Change Monitoring System
The Bank of Zambia mandates all bureaux de change branches to implement its electronic monitoring system for real-time foreign exchange transaction tracking. Operators must maintain specified hardware and software standards, ensure continuous internet connectivity, and conduct mandatory system searches using customer identification numbers before processing transactions. The circular further requires the issuance of system-generated receipts, outlines procedures for manual transaction backups during outages, and establishes sanctions for non-compliance.
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