Regulatory Alerts2014-01-01
Bank of Zambia Circular 01/2014 on Splitting Transactions under SI 55
The Bank of Zambia directs commercial banks to require customers remitting over US$20,000 in total to the same recipient within a calendar month to complete the prescribed import monitoring form. This directive targets the practice of splitting foreign exchange remittances just below the statutory limit to circumvent Balance of Payments reporting under Statutory Instrument No. 55. Banks must classify unjustified split transactions as suspicious under anti-money laundering legislation and report them to the Financial Intelligence Centre and the Balance of Payments Monitoring Unit.
Share