Regulatory Alerts2023-01-01
Bank of Zambia Circular 22/2023 on Banking Sector TPIN Compliance
The Bank of Zambia directs all commercial banks to collect Taxpayer Identification Numbers from account holders involved in cross-border transactions by August 31, 2023. Banks must ensure these identifiers are attached to all electronic balance of payments reports, or risk processing delays for non-compliant transactions. The directive also encourages financial institutions to promote the simplified TaxOnPhone application process to accelerate client compliance.
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