Regulatory Alerts2012-01-01
Bank of Zambia Guidance on Foreign Currency Cheques for Licensed Non-Bank Financial Service Providers
The Bank of Zambia issued Circular No. 12/2012 to clarify that commercial banks must accept foreign currency cheques involving licensed non-bank financial service providers. This directive addresses the adverse impact on authorized financial services and payment systems caused by some banks previously refusing such instruments. The guidance mandates that banks exercise standard due diligence only when both the drawer and payee are unlicensed entities.
Share