Regulatory Alerts2014-01-01
Treatment of Unclaimed Funds for Payment System Businesses
The Bank of Zambia mandates payment system businesses to identify and relinquish unclaimed electronic money to the central bank after one year of inactivity or failed customer notification. Institutions must transfer these abandoned funds within thirty days, maintain supporting records for six years, and immediately clear existing balances upon the directive's effective date. Claimants retain a six-year window to recover relinquished funds, after which legal recourse against both the issuing institution and the Bank is barred unless the Bank exercises its discretion to prevent hardship.
Share