Regulatory Alerts2003-01-01
Banking and Financial Services (Bureau de Change) Regulations, 2003
The Bank of Zambia issued these regulations to establish a comprehensive licensing and supervisory framework for bureaux de change conducting foreign exchange transactions in Zambia. The rules mandate strict capital adequacy standards, prohibit forward currency contracts, require transparent display of exchange rates and commissions, and enforce rigorous reporting and record-keeping obligations. Non-compliance triggers substantial fines, imprisonment, licence revocation, and management disqualification, while unlicensed foreign exchange trading is explicitly criminalized.
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