Zambia – Banking & Financial Services Act

The Banking and Financial Services (Amendment) Act No. 7 of 2020 was assented on 23 October 2020. The Zambian Act amends the Banking and Financial Services Act in relation to among others;
• licensing for banking businesses, financial businesses or financial services;
• implementation of supervision for the purposes of the prevention and combating of money laundering and financing of terrorism or proliferation or any other serious offence;
• the restructuring, transferring or closing, for instance, of a financial service provider by the Bank of Zambia; and decisions of a tribunal.

All Commercial Banks, Non-Banking Financial Service Providers, Bureau de Change (Casas De Cambio), Law Enforcement, Financial Intelligence Centre, Security and Exchange Commission and other key stake holders in the Compliance, Operations and Financial Crime Risk Management Portfolios need to study the Legal provisions contained herein the amended Act and ensure compliance with the breath and spirit of the law in order to avoid sanctions, penalties and attendant fines.

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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