Regulatory Alerts2017-01-01
Bank of Zambia Directive on UN Security Council Resolutions 2371 and 2375 Regarding the Democratic People's Republic of Korea
The Bank of Zambia mandates all commercial banks and non-bank financial institutions to verify their databases against updated United Nations Security Council sanctions lists under Resolutions 2371 and 2375, alongside US Executive Order 13810. Institutions must report all financial transactions, accounts, and assets linked to designated North Korean individuals and entities using a standardized format. These compliance reports must be submitted monthly to the Director of Bank Supervision within ten working days following each calendar month, with the initial submission due by December 12, 2017.
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