Regulatory Alerts2017-01-01
Bank of Zambia Anti-Money Laundering and Combating the Financing of Terrorism or Proliferation Directives 2017
The Bank of Zambia issued the 2017 Anti-Money Laundering and Combating the Financing of Terrorism or Proliferation Directives to establish comprehensive compliance frameworks for all licensed reporting entities. The regulations mandate that entities promptly report suspicious transactions to the Financial Intelligence Centre within three working days, designate compliance officers, implement internal monitoring programs, and strictly prohibit tipping off or disclosing report identities. Non-compliance triggers criminal penalties of up to seven hundred thousand penalty units or seven years imprisonment, alongside administrative sanctions such as license suspensions, fines, and public reprimands.
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