Regulatory Alerts2012-01-01
Bank of Zambia Circular 01/2012: Calendar for Submission of Prudential Returns
The Bank of Zambia issued Circular 01/2012 to establish the 2012 submission deadlines for prudential returns, quarterly financial statements, and bank charges returns for all commercial banks. The directive mandates that prudential returns be filed via the Risk Analysis Automation System while quarterly financial statements require prior regulatory approval and specific formatting. Strict penalties of K500,000 per day apply to delayed or incorrect prudential and bank charges returns, with a higher penalty of K1,500,000 per day imposed for failures related to quarterly financial statement submissions or publications.
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