Regulatory Alerts2006-01-01
CB Circular 06/2006 on Payment of Zambia Police Security Screening Fees
The Bank of Zambia issued Circular 06/2006 to direct all commercial banks and non-bank financial institutions that the cost of police security screening for prospective directors and senior management will now be borne by them. This responsibility shift follows the January 2006 enactment of Statutory Instrument No 10, which increased screening fees previously covered by the central bank. Institutions must now account for these updated clearance charges in their operational budgets and compliance procedures.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
August 16, 2006
CB Circular No: 06/2006
TO : All Commercial Banks
All Non-Bank Financial Institutions
PAYMENT OF ZAMBIA POLICE SECURITY SCREENING FEES
Notice is hereby given to all commercial banks and non-bank financial institutions that following the enactment of the Zambian Police (Clearance and Other Charges) Regulations 2006 (Statutory Instrument No 10 of 2006), which came into effect in January 2006, the cost of screening prospective directors and senior management staff of banks and financial institutions has been increased. The Statutory Instrument, a copy of which is attached, is available at Government printers for purchase.
This circular serves to inform all commercial banks and non-bank financial institutions that the cost of security screening, which was previously borne by the Bank of Zambia, will now be borne by the 20006
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