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

Regulatory and Independent Consulting Professional with expertise in Financial Crime Risk Compliance encompassing Anti-Money Laundering (AML), Countering Terrorism Financing (CTF), Anti-Bribery & Corruption (ABC – FCPA & UKAB), Global Trade & Sanctions, Bank Secrecy Act (BSA), Know Your Customer (KYC) and Customer Due Diligence (CDD), Internal Audit Testing, Reviews, Validation, Risk Assessment. Worked in Asia, Africa, Europe, the Middle East, North America (USA). Banking & FinTech, Anti-Sex & Human Trafficking Advocate, FOREX & Cryptocurrency trading, Travel & Tours, Telecommunications & Energy.

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