Zambia and the world at large general, has faced an unprecedented set of circumstances linked to the coronavirus (COVID-19) pandemic.
particularly social distancing, self-isolation and other disruptions to everyday business. The Financial Intelligence Centre (FIC) is cognizant of challenges that this may pose in implementing traditional mechanisms and ensuring compliance with Know your Customer (KYC), Customer Due Diligence (CDD), and reporting obligations as required under the Financial Intelligence Centre Act No.46 of 2010 (as amended). The FIC is committed to working closely and efficiently with the reporting entities (Financial Institutions and Designated Non-Financial Businesses and Professions (DNFBPs) throughout this disruptive period. During the COVID-19 social distancing restrictions, it is anticipated that reporting entities may still need to establish new business relationships or conduct occasional activities or transactions for new customers, screening new and existing customers, and still comply with reporting obligations. However, we expect that the volume of new business relationships established during this period will be lower than normal.
The FIC emphasizes the importance of continuing to provide essential financial services by using the flexibility as provided under Regulations 8 and 12 of the FIC (General) Regulations, S.I No. 56 of 2016 (FIC (General) Regulations, 2016) to address the challenges posed by the COVID-19 social distancing restrictions. During this period, the FIC expects reporting entities to continue complying with the customer due diligence and verification of identity requirements, reporting obligations as outlined in the FIC Act and Regulations thereof.
Full guidelines in the attachment below, and on the Guidelines page.
 Regulatory Guidelines AML vs COVID 19 | [ ] |
