Regulatory Alerts2003-11-05
Added · Updated
Bank of Zambia Circular 19/2003: Foreign Exchange Market Code of Conduct
The Bank of Zambia has promulgated the Foreign Exchange Market Code of Conduct, requiring all commercial banks to implement statutory operational, ethical, and risk management protocols for treasury and dealing staff. Participating institutions must enforce strict anti-money laundering vigilance, restrict dealing room access, mandate telephone recording for dispute resolution, and maintain rigorous internal audit and security controls. The guidelines further standardize market terminology, define fixed trading hours, establish firm quotation thresholds, and prohibit non-current rate trading to ensure market transparency and accountability.
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