Guidance Notes
GUIDANCE NOTE NO. 1/2010
The General Manager
Lusaka Stock Exchange Limited
Exchange Building
Central Park, Cairo Road
Lusaka
The Manager
LuSE Central Securities Depository
Exchange Building
Central Park, Cairo Road
Lusaka
All Licensed Dealers (including LuSE Members and Custodians)
All Licensed Investment Advisers
All Transfer Secretaries or other Service Registrars
All Collective Investment Schemes
All Licensed Representatives
All Issuers of Securities
SECURITIES AND EXCHANGE COMMISSION ANTI-MONEY LAUNDERING DIRECTIVES, 2009
PURSUANT to the provisions of section 79 of the Securities Act, Cap 354 of the Laws of Zambia the Commission hereby draws your immediate attention to the fact that the Commission has issued Securities and Exchange Commission [SEC] Anti-money Laundering [AML] Directives, 2009 [“the SEC AML Directives”]. The SEC AML Directives 2009 have been issued pursuant to the requirements of section 12[4] of the Prevention and Prohibition of Money Laundering Act, Act No.14 of 2001. In terms of section 2 of the PPMLA the Commission is designated as a supervisory authority which is required to issue AML directives.
Whereas we require you familiarize yourselves fully with the Directives, we take this opportunity to draw your immediate attention to the provisions of Part III of the SEC AML Directives on the measures that all regulated institutions are expected to implement.
We attach hereto a copy of the said SEC AML Directives, 2009 for your immediate attention. We urge you to immediately familiarize yourselves, together with all your employees, with the provisions of the Directives. The Directives provides for the training of staff at all levels of your institution. In this regard the Commission will also be arranging training for stakeholders in due course. The training programmes will be conducted in collaboration with the Anti-Money Laundering Investigations Unit [AMLIU]. When the arrangements have been firmed up we will be getting to you with details. It will be expected that all regulated entities participate in the training in order to acquaint yourselves with the enhanced AML regime as it affects your operations.
Kindly be informed that there are serious sanctions for non-compliance with the above requirement, and we expect your full co-operation in this matter.