Financial Intelligence Centre (FIC) Zambia

From 2010 to 2020, the Financial Intelligence Centre (FIC) Act in Zambia has gone through several legal surgeries or amendments. There is a proposed (Amendment) Bill, 2020 [N.A.B. 11, 2020] dated 7th of October, 2020 which is currently at first reading before the Zambian Parliament.

The Bill seeks to amend the Financial Intelligence Centre Act, 2010 so as
to:
• Re-define the functions of the Financial Intelligence Centre;
• Revise the definition of high risk customers in accordance with
international standards;
• Provide for customer due diligence on wire transfers in accordance
with international standards;
• Provide a risk management framework for anti-money laundering
requirements; and
• Expand the scope of reporting entities.

Any professional views on these proposed amendments are welcome.

Published by Kemman

Financial Crime Compliance (FCC) professional. Banking & FinTech, Anti-Money Laundering (AML) & Counter-Terrorism Financing, Nuclear Terrorism & Counter-Insurgency (CTF), Anti-Sex & Human Trafficking Advocate, FOREX & Cryptos, Travel & Tours, Telecommunications & Energy, Member of the World Advisory Council Association of Certified Fraud Examiners-ACFE. Presenter at International Conferences-ACAMS&ACFE. Certified Fraud Examiner-CFE. Certified Anti-Money Laundering Specialist-CAMS. Certified Anti-Bribery and Corruption-ABC. Founder member of Institute of Directors (IoD) Zambia Chapter. Founder - Managerial Accountability & Transparency. Two-term of two years Chairperson of the Bankers Association of Zambia Fraud Prevention and Security Committee. SADC and COMESA Consultant on Crime & Corruption Prevention & Management Strategies. Former Area Head for Southern & East Africa (International Banks). Trainer of trainers & core facilitator. Corporate Governance, capacity building, Institutional & Organizational development, business process re-engineering. Technical expertise is coupled with excellent interpersonal, team building, communication, and presentation skills. Father & Coach, Entrepreneur & Author

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