Zambia Statutory instrument

Zambia legislation

Financial Intelligence Centre (General) Regulations, 2016

compliance screeningcountry risk assessmentcustomer due diligencetransaction monitoring

Jurisdiction: Zambia
Structure: 3 provisions
Citation: SI 9 of 2016
Dates: Source version 29 Jan 2016

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Dates: Source version 29 Jan 2016

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Purpose and legislative effect

“This provision lists customer risk factors a financial institution should watch for, including unusual distance, non-resident customers, bearer shares, cash-intensive business, and unusually complex ownership structures.”

This provision lists customer risk factors a financial institution should watch for, including unusual distance, non-resident customers, bearer shares, cash-intensive business, and unusually complex ownership structures. This provision lists country or geographic risk factors to consider, including weak anti-money-laundering or terrorist-financing systems, sanctions or embargos, high corruption or criminal activity, and funding or support for terrorist activity. This provision lists risk factors to consider for products, services, transactions, or delivery channels.

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Source version 29 Jan 2016. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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Title

Section 1

Interpretation

This provision lists country or geographic risk factors to consider, including weak anti-money-laundering or terrorist-financing systems, sanctions or embargos, high corruption or criminal activity, and funding or support for terrorist activity.

Section 2

Dissemination and disclosure of suspicious transactions

This provision lists risk factors to consider for products, services, transactions, or delivery channels.

Section 3

Source and current-law status

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Source record from zambialii.org · Source version 29 Jan 2016

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Showing 3 of 3 provisions

Provision 2Interpretation

§ 1TitleProvision

1. Customer risk factors: (a) the business relationship is conducted in unusual circumstances such as significant unexplained geographic distance between the financial institution and the customer; (b) non-resident customers; (c) legal persons or arrangements that are personal asset-holding vehicles; (d) companies that have nominee shareholders or shares in bearer form; (e) business that are cash-intensive; and (f) the ownership structure of the company appears unusual or excessively complex given the nature of the company's business.

Section 1Verify source

§ 2InterpretationInterpretation

2. Country or geographic risk factors: (a) countries identified by credible sources, such as mutual evaluation or detailed assess- ment reports or published follow-up reports, as not having adequate systems for combating money laundering or terrorist financing; (b) countries subject to sanctions, embargos or similar measures issued by the United Nations or similar international organisation; (c) countries identified by credible sources as having significant levels of corruption or other criminal activity; and (d) countries or geographic areas identified by credible sources as providing funding or support for terrorist activities, or that have designated terrorist organisations operat- ing within their country.

Section 2Verify source

§ 3Dissemination and disclosure of suspicious transactionsProvision

This provision lists risk factors to consider for products, services, transactions, or delivery channels.

3. Product, service, transaction or delivery channel risk factors: (a) private banking; (b) anonymous transactions, which may include cash; (c) non-face-to-face business relationships or transactions; and (d) payment received from unknown or un-associated third parties. LUSAKA 22nd January, 2015 [MF/IDM/52/2/7SEC] A.B. CHIKWANDA, Minister of Finance 232 Statutory Instruments 29th January, 2016

Section 3Verify source

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29 Jan 2016 · currentEnglish

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