Regulatory Alerts1998-01-01
Bank of Zambia Directives on Customer Identification and Foreign Currency Cash Transactions, 1998
The Bank of Zambia has issued immediate directives requiring all licensed commercial banks and financial institutions to implement strict customer identification protocols and anti-money laundering compliance programs. These measures mandate the verification of client identities, the maintenance of detailed transaction records, and the prohibition of anonymous accounts to prevent the financial system from facilitating criminal activities. Additionally, the regulations cap over-the-counter foreign currency cash transactions at US$5,000 for non-customers and US$7,500 for account holders to further mitigate illicit fund transfers.
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