Regulatory Alerts2022-01-01
Bank of Zambia Circular 16/2022: Due Diligence on Entities Partnered with Payment Service Providers
The Bank of Zambia requires all financial service providers to conduct due diligence on payment service partners and verify their valid licensing status under the National Payment Systems Act. Unlicensed entities operating in the sector must submit designation applications by March 31, 2023, after which they must cease operations and face legal sanctions. Providers must also screen new clients during account opening to detect unauthorized payment facilitation, with strict regulatory penalties enforced for non-compliance.
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