KYC.IO

Global Regulations and Requirements for KYC Onboarding
(powered by KYC-Chain)

KYC to onboard domestic persons

registration cardpassportdriving license

KYC to onboard international persons

national registration cardvalid passportissued visanameaddressdate of birthplace of birth

corporate requirements

identity of the directorscertificate of incorporationdetails of registered officebusiness addresscorporate namehead office addressidentity of dirrectorsproof of incorporationlegal statuslegal form

National ID card name

Gambian National Identity Card

Does the country have Esignature Laws?

THE ELECTRONIC COMMUNICATIONS AND TRANSACTIONS ACT, 2009

E-sig law files

What year did the relevant AML laws and regulations become effective?

2010

Further details on AML regime

2001 (Prohibition & Prevention of Money Laundering Act), 2010 (Prohibition & Prevention of Money Laundering (Amendment) Act # 44). 2004 (Bank of Zambia Anti-Money Laundering Directives), and the Financial Intelligence Centre Act 2010.

Who is the regulator for AML controls for Banking

Bank of Zambia

Link to site

http://www.boz.zm/

Other financial Services

Pensions and Insurance Authority

Website of Regulator

www.pia.org.zm

Financial Sector regulator

N/A

Practical Guidance for AML

No.

Is there a requirement to verify the identity of customers retroactively?

No.

Retroactive details

No.

Has the country been the subject of FATF mutal evaluation in the last 3 years?

No, the most recent review was in 2008. The FIC is currently carrying out a local AML survey, the results of which should be available in early 2016.

PDF of FATF review

Are there minimum transaction thresholds (Y/N)

More details on minimum transaction thresholds.

There are no minimum transaction thresholds, under which customer due diligence is not required

What are the requirements for customer identification information for individuals

Individuals: A Zambian national has to present a national registration card or a valid passport or driving licence. In the case of a foreign national, a national registration card and a valid passport (and where applicable, an issued visa).

Details to be Collected on Corporates

Legal entities: Verify the identity of the directors, beneficial owners and management i.e. obtain Certificate of Incorporation or equivalent and details of the registered office/place of business; details of the nature of their business; the reason for the account being opened; indication of the expected turnover; the source of funds and a copy of the last available accounts where applicable. The Financial Intelligence Centre Act stipulates that a reporting entity shall, with respect to each customer obtain and verify the following: a) for a natural person, the full name and address and date of birth and place of birth; b) for a legal entity, the corporate name, the head office address, identities of directors, proof of incorporation or similar evidence of legal status and legal form, provisions of governing the authority to bind the legal person, and such information as is necessary to understand the ownership and the control of the legal person; c) for legal arrangements, the name address of the trustees, the settlor and the beneficiary of express trusts, and any other parties with the authority to manage, vary or otherwise control the arrangement; d) in addition to the identity of a customer, the identity of any person acting on behalf of the customer, including evidence that such person is properly authorised to act in that capacity; e) information on the intended purpose and nature of each business relationship; and f) sufficient information about the nature and business of the customer to permit the reporting entity to fulfil its obligations under the Act.

What are the high level requirements around beneficial ownership (identification and verification)?

Regulated institutions should identify the beneficial owner of an account (regardless of whether it is a corporate body or trust opening the account) and if it fails to ascertain the identity of the said owner or person, it should make a report to the AML Investigations Unit. The Financial Intelligence Centre Act stipulates that a reporting entity shall identify the beneficial owner and shall take reasonable measures to verify the identity of the beneficial owner unless the Minister prescribes the circumstances, such as the ownership of publicly held corporations, in which such identification and verification is not necessary.

What circumstances are enhanced customer due diligence measures required?

For regulated institutions, the circumstances are to be determined by the regulated institution and approved by the Bank of Zambia.

How should FI's deal with Politically exposed persons

The circumstances are to be determined by the regulated institution and approved by the Bank of Zambia.

What enhanced due diligence must be performed for correspondent banking relationships?

A financial institution shall require its foreign branches and majority owned subsidiaries to implement the requirements to the extent that the domestic applicable laws of the host country so permit. Where the laws of the country in which its branch or majority owned subsidiary is situated prevent compliance with the obligations stipulated, institutions must advise its supervisory authority, which may take such steps as it believes to be appropriate to accomplish purposes of the Act.

Are relationships with banks who might be considered a 'shell' and without substance permitted?

Yes, the Financial Intelligence Centre Act stipulates that a shell bank shall not be established or permitted to operate in or through the territory of Zambia.

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

The standard due diligence procedure of identification and verification applies for non face-to-face transactions and/or relationships. The Financial Intelligence Centre Act states that where any business relationship or execution of transactions is made with a customer that is not physically present, the following is required for purposes of identification: a) take adequate measures to address the specific risk of money laundering, financing of terrorism and any other serious offence; b) ensure that the due diligence conducted is no less effective than where the customer appears in person; and c) require additional documentary evidence or supplementary measures to verify or certify the documents supplied by the customer, or confirmatory certification from financial institutions or other documentary evidence or measure may be prescribed.

To whom are SAR's made? (suspicious activity reports)

Anti-Money Laundering Investigations Unit and for Financial Institutions the Financial Intelligence Centre.

Link to website of SAR reporting

None.

Other Suspicious or unusual transactions obligations.

No, there is no obligation to report anything more than suspicious transactions – please see response to A13.

Are there any de-minimis thresholds below which transactions do not need to be reported?

No.

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

Yes

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

No.

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

Yes. The regulated institution shall report to the AML Investigations Unit where the identity of the persons involved, the circumstances of any business transaction or where any cash transaction, gives any officer or employee of the regulated institution reasonable grounds to believe that a money laundering offence is being, has been or is about to be committed. As per the Financial Intelligence Centre acts, a financial institution shall refrain from carrying out a transaction which it suspects to be related to the money laundering, financing of terrorism or any other serious offence.

Does the local legislation allow transactions to be monitored outside the jurisdiction?

Yes. one of the mandates of the Anti-Money Laundering Investigations Unit is to cooperate with law enforcement agencies and institutions in other jurisdictions responsible for investigation and prosecution of money laundering offences.

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

N/A

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

The country does not have data protection laws.

Data Protection for Corporate Data

The country does not have data protection laws.

Data protection for "sensitive Data" and additional protections.

The country does not have data protection laws.

Do any restrictions on the transfer of credit reports exist?

N/A

Regulator Acronym

BOZ

Year of last FATF mutual evaluation

2008

Field 67

adequate measuresadditional documentary evidenceconfirmatory certification from financial institution

National ID card details

All Gambian citizens 18 years or older are required to hold a Gambian National ID Card.

Passport Photo

Is there a risk based approach

Legal Requirement

Regulator allows for monitoring transactions outside jurisdiction

Requirement to proceed

Yes

requirement to use automated suspicious transaction tools

Who are SARS made to?

FIC

shell banks

EDD for correspondent banking

Yes

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

N/A

Non financial sector (e.g. casinos, high value goods etc.)

N/A

Does the country have a risk based approach?

Yes.

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

Certification of relevant identification copies by a Commissioner of Oaths.

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

N/A

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

N/A