Regulatory Alerts2018-01-01
Bank of Zambia Directive on UN Security Council Resolutions 2371 and 2375 Regarding the DPRK
The Bank of Zambia requires all commercial banks and non-bank financial institutions to monitor and report on assets, accounts, and transactions held by or on behalf of individuals and entities listed in support of the Democratic People’s Republic of Korea. Institutions must submit monthly reports in the prescribed format to the Directors of Bank Supervision and Non-Bank Financial Institutions Supervision, detailing affected names, reference numbers, and asset types. These compliance filings are due within ten working days following the end of each calendar month to ensure adherence to UN Security Council Resolutions 2371 and 2375.
[Logo: Bank of Zambia]
Bank Of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/banksup/bp
February 20, 2018
To: All Chief Executive Officers of Commercial Banks All Chief Executive Officer of Non-Bank Financial Institutions
Dear Sir/Madam,
UN SECURITY COUNCIL RESOLUTIONS 2371 (2017) AND 2375 (2017) ON DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA (“THE DPRK”)
Further to our letter dated November 22, 2017 on the UN Security Council Resolutions 2371 (2017) and 2375 (2017) on Democratic People's Republic of Korea (The DPRK), the Ministry of Foreign Affairs has provided a list of additional names of companies and individuals believed to be working in support of the North Korean Government’s Nuclear Programme, which your institutions must take note of.
All commercial banks and non-bank financial institutions are required to report the existence or non-existence of financial transactions, bank accounts, funds, other financial assets or property maintained in the names or administered on behalf of individuals and entities named in the attached report. The reports should be made in the format prescribed by Bank of Zambia must be submitted to the Director – Bank Supervision Department and Director – Non-Bank Financial Institutions Supervision Department respectively, within 10 working days following the end of each calendar month as part of the UN Security Council Resolution 2731 (2017) and 2375 (2017) on the DPRK return. The monthly report should indicate the names of the affected individuals, groups, undertakings and entities including the permanent reference numbers, the nature of assets, such as bank accounts, funds, other financial assets or property.
Yours faithfully,
[Signature]
Bwalya K. E. Ng’andu (Dr.) DEPUTY GOVERNOR – OPERATIONS
Cc Governor Director – Bank Supervision Director – Non-Bank Financial Institutions Supervision Director – Legal Services
Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844, 228888 Fax:260-211-237070 E-mail:dgo@boz.zm.Web: http//www.boz.zm