Regulatory Alerts2023-01-01
Registration of Client Accounts on the Central Securities Depository System
The Bank of Zambia directs commercial banks to dismantle single omnibus accounts and register client securities in individually segregated, named accounts within the Central Securities Depository. This mandate extends to already segregated investor accounts previously identified only by acronyms or bank-assigned numbers, ensuring all holdings are registered at the individual beneficial owner level. Commercial banks must implement these structural changes by August 1, 2023 to support the Straight Through Process for government securities payments and guarantee direct crediting of investment proceeds to investors.
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