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Know Your Customer (KYC) and Anti-Money Laundering (AML) Requirements in Zambia

Introduction

This guide provides an overview of Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements in Zambia. It covers various topics related to KYC and AML, including identity verification, due diligence, Politically Exposed Persons (PEPs), correspondent banking relationships, suspicious transactions, de-minimis thresholds, and penalties for non-compliance.

Key Requirements

1. Identity Verification

• Reporting entities must verify the identity of their customers.
• This includes identifying and verifying beneficial owners.

2. Due Diligence

• Reporting entities must conduct due diligence on their customers.
• This involves identifying and verifying customer information.

3. Politically Exposed Persons (PEPs)

• Enhanced due diligence is required for PEPs.

4. Correspondent Banking Relationships

• Enhanced due diligence is also required for correspondent banking relationships.

5. Suspicious Transactions

• Reporting entities are only required to report suspicious transactions.

6. De-Minimis Thresholds

• There are no de-minimis thresholds below which transactions do not need to be reported.

7. Penalties for Non-Compliance

• The text outlines the penalties for non-compliance with reporting requirements, including tipping off.

Background and Reporting Information

The guide also includes information on where to submit reports and some background information on AML and KYC in Zambia.

If you have any specific questions or need further clarification, please do not hesitate to ask.