Regulatory Alerts2001-01-01
CB Circular 30/2001: Request for Information on Terrorist Groups
The Bank of Zambia directs all commercial banks to immediately report any suspected bank accounts or financial services held by individuals and organizations listed as terrorist entities, leaders, or affiliated NGOs. This directive, issued under Section 60(1)(e) of the Banking and Financial Services Act, aims to safeguard national financial stability by preventing the use of the banking system for terrorist financing. The circular provides specific schedules naming designated groups such as Al-Qaida and Usama bin Ladin, requiring institutions to cross-reference their records against these lists without delay.
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