Regulatory Alerts2024-01-09
Guidelines for Fit and Proper Assessment of Shareholders, Directors and Senior Management
The Bank of Zambia has issued guidelines mandating fit and proper assessments for shareholders, directors, and senior management of regulated financial and payment service providers. The framework establishes three core evaluation criteria—probity and reputation, professional competence, and financial integrity—while specifying detailed documentation requirements and submission procedures for applicants. It further outlines the Bank’s step-by-step review process, including due diligence, potential interviews, and formal decision-making protocols to ensure only qualified individuals assume key institutional roles.
Share