Regulatory Alerts2011-01-12
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CB Circular 01/2011: 2011 Calendar for Prudential Returns, Quarterly Financial Statements, and Bank Charges
The Bank of Zambia issued Circular 01/2011 to establish the 2011 submission calendar for monthly prudential returns, quarterly financial statements, and bank charges returns for commercial banks and non-bank financial institutions. Regulated entities must transmit monthly prudential data through the Risk Analysis Automation System by the eighth or tenth business day of the following month, with quarterly financial and bank charges reports due in April, July, October, and January. Non-compliance triggers daily penalties of K 500,000 for delayed or inaccurate prudential and bank charges filings, and K 1,500,000 for quarterly financial statement violations such as late submission, unauthorized publication, or incorrect reporting.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
January 12, 2011
CB Circular No: 01/2011
To : All Commercial Banks
: Non-Bank Financial Institutions
CALENDAR FOR SUBMISSION OF PRUDENTIAL RETURNS, QUARTERLY FINANCIAL STATEMENTS AND BANK CHARGES FOR PERSONAL CURRENT ACCOUNTS AND OTHER GENERAL SERVICES
Further to Circulars No. 1/98 and 4/00 dated 21 January 1998 and 15 May 2000 respectively, please be informed that the due dates for submission of Prudential Returns, Quarterly Financial Statements and the Quarterly Bank Charges for Personal Current Accounts and Other General Services Return for 2011 are as follows:
PRUDENTIAL RETURNS
| Month | Due Date |
|---|---|
| January | 8 February 2011 |
| February | 9 March 2011 |
| March | 8 April 2011 |
| April | 10 May 2011 |
| May | 8 June 2011 |
| June | 12 July 2011 |
| July | 9 August 2011 |
| August | 8 September 2011 |
| September | 10 October 2011 |
| October | 8 November 2011 |
| November | 8 December 2011 |
| December | 10 January 2012 |
CB Circular No: 01/2011 - 2 - January 12, 2011
QUARTERLY FINANCIAL STATEMENTS AND BANK CHARGES
| Quarter | Due Date |
|---|---|
| 1st Quarter | 8 April 2011 |
| 2nd Quarter | 12 July 2011 |
| 3rd Quarter | 10 October 2011 |
| 4th Quarter | 10 January 2012 |
The Prudential Returns should be submitted through the Risk Analysis Automation System (RAAS) of the Bank Supervision Application, while a soft copy of the Bank Charges return should be submitted to banksupervision@boz.zm. A penalty of K 500,000 per return per day will be charged for any delayed submissions or incorrect Prudential and Bank Charges returns.
In the case of Quarterly Financial Statements, a penalty of K 1,500,000 per return per day shall be incurred in any of the following circumstances; failure to submit the quarterly financial statements, failure to obtain Bank of Zambia approval prior to publication, the publication of financial statements using incorrect formats and the publication of incorrect information.
Austin K. Mwape (Dr)
DEPUTY GOVERNOR – OPERATIONS
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