Regulatory Alerts2013-01-01
CB Circular 13/2013: SWIFT FINInform BOP Registration
The Bank of Zambia issued Circular 13/2013 to mandate all commercial banks to enable electronic monitoring of cross-border transactions via the SWIFT FINInform system starting July 1, 2013. Financial institutions must authorize SWIFT to transmit copies of all inward and outward balance of payments messages directly to the central bank to ensure compliance with Statutory Instrument No. 32 of 2013. Banks are required to submit a completed registration form as a scanned copy to the designated email address and a hard copy to the Deputy Governor by 12:00 hours on June 26, 2013.
BANK. of ZAMBIA DEPUfY GOVERNOR - OPERATIONS June 24, 2013 CB Circular No. 13/2013 To All Commercial Banks SWIFT FININFORM BALANCE OF PAYMENTS MONITORING REGISTRATION In accordance with the provisions of Statutory Instrument No. 32 of 2013, the Bank of Zambia (BOZ) will commence the electronic monitoring of balance of payments transactions effective 1st July 2013. To effectively perform this function, the Bank of Zambia will use the SWIFT FINInform solution to obtain copies all cross-border SWIFT transactions. With effect from 1st July, 2013 Banks will be required to permit SWIFT to copy all inward and outward messages to BOZ in order to facilitate monitoring of cross-border transactions. Please complete the attached document and send a scanned copy to the following email address: dmwape@boz.zm and hard copy to the undersigned by 12:00hrs on Wednesday 26th June 2013. Yours sincerely Bw Iya K. E. Ng'andu (Dr) DE UTY GOVERNOR - OPERATIONS Cc: Governor -- -- - - - _.- - Bank Square. Cairo Road P.O. Box 30080. Lusaka. Zambia. Tt:I:+260- 211-226844. 228888. Fax: +260,211-237070. E-mail: bngandu@boz.zm, http://boz.zm ;- /