Regulatory Alerts2022-01-01
Bank of Zambia Circular No. 16/2022 on Due Diligence for Payment Service Entities
The Bank of Zambia mandates all unlicensed entities providing payment services to submit designation applications by March 31, 2023, or face operational cessation and regulatory sanctions. Financial service providers must conduct thorough due diligence on payment service partners and verify their valid licenses during account opening. Non-compliance with these licensing and verification obligations triggers penalties under the National Payment Systems Act of 2007.
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