Regulatory Alerts2023-08-10
Added · Updated
CB Circular No. 21/2023 on the Database for Fraud and Dishonesty-Related Employment Separations
The Bank of Zambia mandates all regulated financial and payment service providers to report employees, agents, contractors, or third parties dismissed for fraud or dishonest conduct. Regulated entities must submit verified separation data through the prescribed format within seven days of confirmation to maintain the central employment database. This immediate directive subjects non-compliance to statutory penalties and regulatory action while preserving existing state security screening processes.
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