In Zambia, prioritising robust anti-money laundering (AML) practices is essential for maintaining the integrity of financial systems and preventing illicit financial activities. As a country operating within the same Southern African ecosystem as its neighbours, Zambia has a valuable opportunity to strengthen its AML measures and proactively mitigate the risk of potential greylisting.
Zambia's AML and counter-terrorism financing (CFT) efforts are grounded in critical laws and regulations, which include:
Anti-Money Laundering Act: This legislation forms the foundation for identifying and combating money laundering and related financial crimes within the country.
Financial Intelligence Centre Act: The Financial Intelligence Centre Act establishes the legal framework for receiving, analyzing, and disseminating financial intelligence aimed at preventing money laundering and associated offenses.
Bank of Zambia Act: The central bank plays a pivotal role in supervising and enforcing AML regulations, collaborating closely with relevant authorities.
Overseeing AML and CFT efforts in Zambia are regulatory authorities, notably:
Financial Intelligence Centre (FIC Zambia): The FIC Zambia is tasked with implementing AML and CFT measures. It operates as the national agency for receiving, analyzing, and disseminating financial intelligence to combat money laundering and related crimes.
Bank of Zambia: Collaborating with the FIC and other stakeholders, the central bank ensures financial institutions' adherence to AML regulations.
While not currently facing greylisting or warnings, adopting a proactive stance toward AML compliance in Zambia is vital for maintaining the nation's financial integrity. Businesses are encouraged to:
To achieve AML compliance in Zambia's evolving landscape, businesses should adopt robust compliance strategies. A potent solution is ZenDetect's Sanction Screening Solution, which offers frictionless, continuous, and automated Sanction List Screening. ZenDetect empowers businesses in Zambia to:
To expedite your business's AML compliance journey, ZenDetect offers frictionless, continuous, and automated sanction list screening tailored to Zambia's context. This solution streamlines compliance endeavors, enabling seamless screening, reporting, and analytics.
Contact us to discover more about how ZenDetect can bolster your AML compliance efforts in Zambia and contribute to maintaining a robust financial ecosystem.