Regulatory Alerts2019-01-01
Bank of Zambia Electronic Balance of Payments Monitoring Framework Circular 09/2019
The Bank of Zambia mandates full implementation of its electronic Balance of Payments monitoring framework for all commercial banks, commencing December 2, 2019. Institutions must electronically submit daily cross-border transaction reports and monthly Money Receipts and Remittances Reports by the sixth working day of each month, ensuring accurate payment purpose, sector, TPIN, and country details. Failure to adhere to these electronic reporting standards will incur prescribed penalties, requiring banks to disseminate the directive to all branches for nationwide compliance.
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