Regulatory Alerts2019-03-24
Balance of Payments Monitoring Guidelines
The Bank of Zambia (BoZ) has implemented an electronic Balance of Payments (eBoP) monitoring framework, effective March 30, 2019, requiring all registered Financial Service Providers (FSPs) in Zambia to submit monthly Money Remittance and Receipt Returns (MRRR) electronically. These mandatory returns detail all cross-border foreign exchange transactions, including inflows and outflows, imports and exports, international services, transfers, investments, and loans, with FSPs responsible for developing systems to interface with the BoZ eBoP system. FSPs must ensure complete and accurate reporting of all required fields, including client Tax Identification Numbers, as non-compliance with the Bank of Zambia Amendment Act No. 1 of 2013 carries severe penalties, including fines or imprisonment.