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.
# Bank of Zambia
## OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/psd/bp
July 27, 2022
PSB Circular No. : 01/2022
To : Heads of Money Transfer Service Providers and Electronic Money Issuers
# RELINQUISHING AND PROCESSING OF UNCLAIMED FUNDS FOR CUSTOMERS
Reference is made to the above subject matter.
The Bank of Zambia has revised the procedures for relinquishing unclaimed funds in line with Directive 16 of the National Payment System Money Transfer Services Directives and Directive 18 of the National Payment Systems Directives on Electronic Money Issuance. The procedures have been revised to include unclaimed funds falling under the money transfer services as well as providing for unclaimed funds denominated in foreign currencies. The procedures cover processes to follow in relinquishing unclaimed funds to the Bank of Zambia and the handling of claims by customers for unclaimed funds.
This circular, therefore, replaces PSB Circular No. 02/2021. All Money Transfer Service Providers and Electronic Money Issuers are required to comply with the attached procedures. Failure to do so may attract penalties in line with Section 43 of the National Payment Systems Act.
Francis Chipimo (PhD)
DEPUTY GOVERNOR – OPERATIONS
---
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
Share