Customer Due Diligence (CDD) – Final Rule

The regulatory landscape of Know Your Customer (KYC) Policies and Customer Due Diligence (CDD) requirements and expectations for Financial Institutions like Banks, Brokers, FinTech and Insurance Companies are always a moving target. In another write-ups I alluded to the Banking mandatory requirement of conducting Customer Due Diligence (CDD). For practical purpose and simplification, CDD wasContinue reading “Customer Due Diligence (CDD) – Final Rule”

Indonesia’s Ex-President Suharto’s greed

Surprisingly, it is not only in Africa where some Political Leaders want to cling on to power for more than three (3) decades in Office, Asia has had its own share of such leaders. The immense scale of Suharto’s dishonest conduct and greedy behavior of his alleged corruption led Transparency International to rank him numberContinue reading “Indonesia’s Ex-President Suharto’s greed”

Impact of COVID-19 on AML/CTF Regime

Authored by Diphat Tembo-CAMS, Director-Compliance and Prevention Department of the Financial Intelligence Centre-Zambia and Kunda Kalaba-CAMs, CFE, Managing Partner KEMMAN Consultancy. The Coronavirus-COVID-19 has infected more than 57,228,106 individuals globally, and killed over 1,365,461 people, since being identified in China at the end of 2019, spurring governments across the World introducing measures such as socialContinue reading “Impact of COVID-19 on AML/CTF Regime”

Simmering with Rage has a financial cost

We have heard of Road Rages. What with morning rush hour traffic Jams, Domestic Violence, Spouse Battery or Streets fights by Political Cadres all point to someone being very angry. Question is when you personally get angry do you simmer slowly or do you jump right to the point of boiling over, pull out theContinue reading “Simmering with Rage has a financial cost”

Matrix of theft of $105 million at Ndola Lime

In June 2020 Gregory Chifire alleged that $105 Million had been stolen at Ndola Lime through a series of transactional activities he termed “Matrix of theft of $105 million at Ndola Lime”. To the initiated, these series of financial transactional activities and actions qualify to be one of the Anti-Money Laundering (AML) typologies worth beingContinue reading “Matrix of theft of $105 million at Ndola Lime”

The Nigerian God loves elections and politics.

1 May 2020: “The Nigerian God loves elections and politics. When you have bribed people to get the Party nomination, used thugs to steal and stuff ballot boxes, intimidated people into either sitting at home or voting for you, lied about everything from your assets to your age, and you eventually (through God’s grace) winContinue reading “The Nigerian God loves elections and politics.”

The Generational Gap is widening

The Generational Gap of value systems between Parents and Children is not not only widening but worrying. The African Concept and methodology of correcting and control (ukukontolola), “teaching lessons” (ukufunda) and raising “disciplined and obedient Children” has a slightly different connotation from other Western Cultures. The African version is slowly waning away. African Children areContinue reading “The Generational Gap is widening”

Henry Kapoko’s conviction upheld

In 2009 Henry Kapoko and four others were arrested by the Anti-Corruption Commission. 11 years later in 2020, the man – KAPOKO is still appearing in Courts of Law. There are hard Lessons to be Learnt and some friendly warning to others. Cases may take long (Imilandu kuti shilakokola) in Zambia to be disposed offContinue reading “Henry Kapoko’s conviction upheld”

The Happy FATHERs “SUN-Day”

22 June 2020: 06/21/2020 – Deep reflections on the FATHER’s “SUN”Day. Morning “Online” Prayers and I go out jogging. Hot and Humid in the Sunshine State of Florida, but a man has to do what a man has to do. I come back home and take a cold shower. After breakfast; and upon checking myContinue reading “The Happy FATHERs “SUN-Day””

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,Continue reading “Financial Intelligence Centre (FIC) Zambia”