Regulatory Alerts2012-01-01
Introduction of Cheque Truncation Clearing System in Zambia
The Bank of Zambia mandates the implementation of the Cheque Truncation System to replace physical cheque transport with digital image clearing. Commercial banks are required to issue new cheques with enhanced security features by August 17, 2012, while old cheques remain valid until February 15, 2013. This transition standardizes the clearing period to one day and aims to reduce fraud and operational costs for banks and customers.
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