Regulatory Alerts2022-01-01
Bank of Zambia Circular 01/2022 on Relinquishing and Processing of Unclaimed Customer Funds
The Bank of Zambia has revised procedures for Money Transfer Service Providers and Electronic Money Issuers to relinquish unclaimed customer funds to the central bank and process customer claims. The updated framework expands previous guidelines to explicitly cover unclaimed funds from money transfer services and those denominated in foreign currencies. Issuers must strictly adhere to the attached operational procedures, which supersede PSB Circular No. 02/2021, as non-compliance may result in penalties under the National Payment Systems Act.
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