RegAlertRule · BOZ · 10 Mar 2010
Bank of Zambia Circular 03/2010 on Nigerian Transaction Clearing Platform
The Bank of Zambia issued Circular 03/2010 to inform commercial banks about the Nigerian Transaction Clearing Platform established by the EFCC. This platform assists individuals and companies in verifying the authenticity of business proposals and checking the track records of counterparties to mitigate risks from scams and impersonation. The circular instructs banks to share this information with other institutions and clients to enhance due diligence practices.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
March 10, 2010
CB Circular No : 03/2010
To : All Commercial Banks
NIGERIAN TRANSACTION CLEARING PLATFORM
The Bank of Zambia has received a letter from the Ministry of Foreign Affairs advising that the Federal Republic of Nigeria has established a Transaction Clearing Platform (TCP) under the auspices of the Economic and Financial Crimes Commission (EFCC) in response to the problem of scam letters, impersonation of high profile individuals and key agencies in Nigeria.
The TCP is intended to assist individuals and companies with, among other things:
i. Confirmation of the authenticity of the business proposal and the counter party sending the proposal; and
ii. Information on the track record of the counter party.
Nigerian authorities welcome suggestions that would help enhance the functions of the TCP. Suggestions can be communicated through the EFCC website, http://efccnigeria.org/.
Please take note of this information and share it with other institutions and your clients.
Denny H Kalyalya (Dr)
DEPUTY GOVERNOR- OPERATIONS AND
REGISTRAR OF BANKS AND FINANCIAL INSTITUTIONS
Cc Governor
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia. Tel: +260-211-226844 Fax: +260-211-237070 E-mail: dkalyaly@boz.zm. Web: http://www.boz.zm
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