Zambia Statutory instrument

Zambia legislation

Financial Intelligence Centre (General) Regulations, 2022

If the customer is a legal arrangement, the accountable institution must verify trust details against the trust deed or other founding document. The Director-General may ask an accountable institu…

accountable institutionscompliancecurrency transactionscustomer recordsinformation requestsregulatory compliancetransaction recordstransaction reportingtrust verification

Jurisdiction: Zambia
Structure: 4 provisions
Citation: SI 54 of 2022
Dates: Source version 19 Aug 2022

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Dates: Source version 19 Aug 2022

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Purpose and legislative effect

“If the customer is a legal arrangement, the accountable institution must verify trust details against the trust deed or other founding document.”

If the customer is a legal arrangement, the accountable institution must verify trust details against the trust deed or other founding document. The Director-General may ask an accountable institution to provide information needed by the Centre for its functions. An accountable institution must report certain currency transactions within three working days after the transaction. An accountable institution must keep customer and transaction records for at least 10 years from the transaction date.

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Source version 19 Aug 2022. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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If the customer is a legal arrangement, the accountable institution must verify trust details against the trust deed or other founding document.

Section 1

The Director-General may ask an accountable institution to provide information needed by the Centre for its functions.

Section 2

An accountable institution must report certain currency transactions within three working days after the transaction.

Section 3

An accountable institution must keep customer and transaction records for at least 10 years from the transaction date.

Section 4

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Source record from zambialii.org · Source version 19 Aug 2022

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Showing 4 of 4 provisions

Provision 4

§ 12Provision

If the customer is a legal arrangement, the accountable institution must verify trust details against the trust deed or other founding document.

1.4 Where the customer is a legal arrangement, an accountable institution shall verify the particulars obtained in respect of the trust by comparing the name of the trustee, the settlor, beneficiary and any other natural person exercising ultimate effective control over the trust, with the trust deed or other founding document in terms of which the trust is created.

Section 1Verify source

§ 23Provision

The Director-General may ask an accountable institution to provide information needed by the Centre for its functions.

2. Request for information The Director-General may request an accountable institution to provide information that the Centre may require for the performance of the Centre’s functions under the Act and these Regulations.

Section 2Verify source

§ 34Provision

An accountable institution must report certain currency transactions within three working days after the transaction.

3. Currency transactions An accountable institution shall, not later than three working days after the transaction, report a currency transaction equal to or above the kwacha equivalent of USD10,000, whether denominated in Zambian kwacha or a foreign currency.

Section 3Verify source

§ 45Provision

An accountable institution must keep customer and transaction records for at least 10 years from the transaction date.

4. Record Keeping An accountable institution shall maintain a record with respect to the accountable institution’s customers and transactions for at least ten years from the date of transaction. LUSAKA 29th July, 2022 [MF/IDM/101/19/15] Minister of Finance and National Planning S. MUSOKOTWANE,

Section 4Verify source

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1 referenced instrument

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Centre’s functions under the Act
Section 2

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19 Aug 2022 · currentEnglish

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