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.

Jurisdiction: Zambia
Instrument: Statutory instrument
Citation: SI 54 of 2022
Version: 19 Aug 2022
Language: en
Official source: View official record ↗

accountable institutions compliance currency transactions customer records information requests regulatory compliance transaction records transaction reporting trust verification

Statute overview

About this statute

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.

Read the provisions Ask with citations

Search within this statute

Search all stored provisions in this version.

Legal text

Provisions of Financial Intelligence Centre (General) Regulations, 2022

Showing 4 of 4

1
2
Verify source ↗

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.
2
3
Verify source ↗

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.
3
4
Verify source ↗

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.
4
5
Verify source ↗

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,

Provision text is displayed from LexChat’s stored statute record. Use the official source links to verify amendments, commencement, and current legal force.

LexChat organizes source-backed legal information for research. Verify amendments, commencement, and current legal force with the official publisher before relying on it.

Financial Intelligence Centre (General) Regulations, 2022

About this statute

Search within this statute

Provisions of Financial Intelligence Centre (General) Regulations, 2022

Ask AI about this statute

Sign in to ask AI about this statute