Regulatory Alerts2019-01-01
Bank of Zambia Circular on New Series and Withdrawal of Kenya 1,000 Shilling Notes
The Bank of Zambia directs all commercial banks to implement enhanced due diligence on Kenya-related financial flows following the Central Bank of Kenya’s May 2019 issuance of new banknotes and withdrawal of the 1,000 shilling series. Commercial institutions must monitor cross-border transactions for irregularities and prepare for the October 1, 2019 cessation of legal tender status for the older notes. The directive specifies tiered exchange protocols based on transaction value, mandating Central Bank of Kenya endorsement for exchanges exceeding five million shillings or involving unbanked persons.
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