Regulatory Alerts2012-01-01
Bank of Zambia Circular 06/2012 on Money Circulation Schemes
The Bank of Zambia issued Circular 06/2012 to prohibit money circulation schemes, which are illegal operations promising high returns by using new investors' funds to pay earlier participants. The regulator identified specific individuals and entities suspected of running these schemes and directed all financial institutions to report related accounts to the Anti-Money Laundering Investigations Unit by April 24, 2012. Financial institutions are further required to conduct customer due diligence to identify and report any other transactions suspected of being money circulation schemes.
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