Regulatory Alerts2014-01-01
Bank of Zambia Implementation of T+1 Clearing Rule
The Bank of Zambia mandates all commercial banks to implement a standardized T+1 cheque clearing system effective February 1, 2014. Under this framework, deposits submitted by noon receive value the next business day, whereas later submissions are processed the following day with value assigned on the third business day. Non-compliant banks incur daily K1,000 penalties and potential clearing house suspension, must compensate customers for delayed fund application based on Treasury Bill yields, and are required to publicly display updated value date charters.
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