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.
Financial Crime Compliance (FCC) professional. Passionate about AML/CTF, Sanctions, ABC, KYC, CDD. Member of the World Advisory Council Association of Certified Fraud Examiners-ACFE. Member of the African Task Force Committee - ACAMS. Presenter at International Conferences-ACAMS&ACFE. Certified Fraud Examiner-CFE. ACFE & ACAMS. 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. Professionally trained “trainer of trainers” & core facilitator. Proficient with a proven track record of exceptional abilities in management and leadership for performance. Corporate Governance, capacity building, Institutional & Organizational development, business process re-engineering. Technical expertise is coupled with excellent interpersonal, team building, communication, and presentation skills.
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