Regulatory Alerts2006-08-16
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CB Circular 06/2006 on Payment of Zambia Police Security Screening Fees
The Bank of Zambia issued Circular 06/2006 to direct all commercial banks and non-bank financial institutions that the cost of police security screening for prospective directors and senior management will now be borne by them. This responsibility shift follows the January 2006 enactment of Statutory Instrument No 10, which increased screening fees previously covered by the central bank. Institutions must now account for these updated clearance charges in their operational budgets and compliance procedures.
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