Zambia Hosts Second Banking Industry Symposium on Anti-Money Laundering and Countering Terrorism Financing
Key players in the financial sector convened in Lusaka for the second Banking Industry Symposium on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
The event, organized by Stanbic Bank Zambia and the Bankers Association of Zambia (BAZ), aimed to address financial crime risks and strengthen cooperation between the public and private sectors.
Speaking on behalf of the Governor of the Bank of Zambia, Dr. Denny Kalyalya, the Deputy Governor lauded the continued collaboration between stakeholders to enhance Zambia’s defences against money laundering and terrorist financing.
“This symposium brings together critical players in the financial sector to discuss AML/CFT efforts and opportunities for further cooperation,” he said.
The event featured high-level discussions with notable attendees including Honourable Dr. Situmbeko Musokotwane, Minister of Finance and National Planning; Mr. Clement Kapalu, Director General of the Financial Intelligence Centre (FIC); and senior executives from financial institutions.
The symposium focused on promoting knowledge-sharing and improving compliance with the Financial Action Task Force (FATF) Recommendations, ensuring Zambia avoids the risk of being grey-listed.
Bank of Zambia representatives emphasized the need for the financial sector to strengthen anti-money laundering systems, highlighting recent developments such as the establishment of a dedicated AML/CFT division within the Bank’s Financial Conduct Supervision Department. The division was formed in response to rising threats of financial crimes in Zambia’s banking sector.
The symposium also stressed the role of financial service providers as the first line of defence, urging institutions to comply with AML/CFT regulations and cooperate with law enforcement. The consequences of failing to do so were outlined, including risks of reputational damage, loss of market access, and increased operational costs.
Participants were reminded to take part in the ongoing National Risk Assessment, which will inform risk mitigation strategies across the sector.
In closing, the Bank of Zambia expressed its gratitude to Stanbic Bank, BAZ, and all stakeholders for fostering an environment of collaboration to safeguard Zambia’s financial integrity.
