Regulatory Alerts2022-01-01
Circular 01/2022: Handling of Unclaimed Funds for Electronic Money Issuers and Money Transfer Service Providers
The Bank of Zambia issued these procedures to standardize how Electronic Money Institutions and Money Transfer Service Providers handle unclaimed customer funds. Regulated entities must notify affected customers and relinquish presumed abandoned funds to designated Bank of Zambia accounts within thirty days, accompanied by detailed KYC documentation and authorized signatory letters. Customers may reclaim these funds through the original provider within six years, subject to the Bank’s due diligence review, with post-six-year claims generally barred unless exceptional hardship warrants discretionary payment.
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