Regulatory Alerts2024-01-05
Added · Updated
Guidelines for the Fit and Proper Assessment of Shareholders, Directors and Senior Management
The Bank of Zambia has issued guidelines mandating comprehensive fit and proper assessments for shareholders, directors, and senior management of regulated financial and payment service providers. The framework establishes rigorous evaluation criteria covering probity, competence, and financial integrity, while detailing mandatory documentation, application procedures, and interview protocols. Additionally, the guidelines impose strict governance obligations on regulated entities to implement internal assessment policies, maintain records for ten years, and ensure continuous compliance to safeguard institutional and systemic stability.
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