Regulatory Alerts2021-04-14
Added · Updated
Bank of Zambia Circular 02/2021 on Relinquishing and Processing of Unclaimed Customer Funds
The Bank of Zambia issued Circular 02/2021 to mandate standardized procedures for electronic money issuers regarding the relinquishment and processing of unclaimed customer funds. Issuers must notify affected customers and transfer presumed abandoned funds to a designated central bank account within thirty days, accompanied by detailed KYC documentation and a breakdown of the relinquished amounts. Customers may reclaim these funds through the original issuer within six years, subject to due diligence and central bank verification, while non-compliance by issuers may result in penalties under the National Payment Systems Act.