Regulatory Alerts2021-01-01
ZIPSS Rules Amendments
The Bank of Zambia has amended the ZIPSS operating rules to introduce comprehensive cyber security requirements, streamline cut-off time extensions, and standardize annual audit submissions for all Participants. Under the updated Section 4.1.3, Participants must implement a formal cyber-risk management framework, enforce strict access and password controls, appoint designated security administrators, and report material breaches to the Bank within 24 hours. The revised processing procedures require written extension requests submitted by 15:30 with two authorized signatures, while annual compliance audit certificates must now be signed by the Chief Operating Officer and Compliance Officer and filed annually by March 31.
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