Regulatory Alerts2021-01-01
Bank of Zambia Circular No. 04/2021 on Incoming Telegraphic Transfers Without Purpose Code Under the e-BoP Framework
The Bank of Zambia directs all commercial banks to immediately verify missing purpose codes for incoming telegraphic transfers under the Electronic Balance of Payments (e-BoP) monitoring framework. Banks must contact customers to confirm the transaction purpose on Declaration Forms before re-uploading these transactions, thereby preventing potential misclassification caused by manual data entry. This directive addresses a recurring reporting gap where foreign remitters omit mandatory transaction codes, ensuring accurate cross-border financial data collection on the e-BoP portal.
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