Regulatory Alerts2024-01-01
Bank of Zambia Circular No. 14/2024 on SWIFT Customer Security Programme Compliance
The Bank of Zambia mandates all commercial banks to comply with the SWIFT Customer Security Programme (CSP) by implementing required security controls, conducting regular risk assessments, and maintaining incident response plans. Institutions must submit annual attestations to SWIFT and communicate compliance evidence to the Director of Payment Systems by the tenth working day of January each year. Non-compliance triggers penalties under Section 43 of the National Payment Systems Act of 2007 and may disrupt daily operations, damage reputation, and erode stakeholder trust.
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