PDF Know Your Customer: Quick Reference Guide

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Anti-Money Laundering Understanding global KYC differences January 2013

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Know Your Customer: Quick Reference Guide

Anti-Money Laundering

Know Your Customer: Quick Reference Guide

Understanding global KYC differences

Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.

In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.

This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.

The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.

Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.

From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.

Please rollover map to select your region then click to select country of choice

Anti-Money Laundering

Know Your Customer: Quick Reference Guide

Understanding global KYC differences

Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.

In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.

This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.

The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.

Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.

From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.

Click to return to main map

Europe

Austria

GermanFyinland

Belgium

GibraltaFrrance

BCozesnchiaR&epHuebrlziecgovina Greece Germany

CDyepnrmuasrk

GuernseGyibraltar

CFiznelcahndRepublic

HungarGyreece

DFreannmceark

IrelandGuernsey

Isle oHf Munagnary Italy Ireland JerseIysle of Man LuxemItabloyurg NetheJerlrasnedys NorwLauyxembourg

PolanNd etherlands PortuNgaolrway RomaPnoialand RussiaPortugal SpainRomania SwedeRnussia

SwitzSelrolvaankdia TurkeSypain UK Sweden

Switzerland Turkey UK

Anti-Money Laundering

Know Your Customer: Quick Reference Guide

Understanding global KYC differences

Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.

In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.

This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.

The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.

Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.

From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.

Americas

Argentina Bolivia

Brazil Canada

Click to return to main map

Cayman Islands Colombia

Jamaica Mexico

Paraguay Peru

Uruguay USA

Anti-Money Laundering

Know Your Customer: Quick Reference Guide

Understanding global KYC differences

Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.

In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.

This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.

The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.

Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.

From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.

Africa

Angola Cameroon

Click to return to main map

C?te d'lvoire (Ivory Coast) Egypt

Gabon Ghana

Kenya South Africa

Zambia

Anti-Money Laundering

Know Your Customer: Quick Reference Guide

Understanding global KYC differences

Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.

In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.

This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.

The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.

Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.

From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.

Middle East

Bahrain

Iraq

Click to return to main map

Israel

Jordan

Lebanon

Oman

Qatar

UAE

Anti-Money Laundering

Know Your Customer: Quick Reference Guide

Understanding global KYC differences

Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms' compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (`AML') regulatory requirements are being adhered to at both a local and global level.

In light of the above, we have developed a Know Your Customer (`KYC') quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.

This year's guide has been expanded to include additional new countries and incorporates the main local AML requirements for over 74 different countries.

The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (`FATF') reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance.

Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (`PEPs') and whether doing business with shell banks is prohibited can all be found in our guide.

From time to time, you may need expert advice from AML specialists. We've included details of the appropriate PwC AML professionals in the countries featured. They would be happy to discuss any AML issues you might have.

Asia/Pacific

Austrailliiaa China Hong Kong

India Indonesia Japan

Click to return to main map

Malaysia New Zealand Pakistan

Philippines Singapore South Korea

Taiwan Thailand Vietnam

Questions and Answers:

`Know Your Customer' quick reference guide

Country by country comparison of high level Know Your Customer and Anti-Money Laundering information

Zambia

Key contact: Nasir Ali Email: nasir.y.x.ali@zm. Tel: +260 211 256471/2

Postal address: Stand No. 2374 Thabo Mbeki Road P.O Box 30942, Lusaka, Zambia

Last updated: January 2013

General

Q1. A1.

In what year did the relevant AML laws and regulations become effective?

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.

Q2. A2.

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.

Q3. A3.

Who is the regulator for AML controls for: (a) Banking; (b) Other financial Services; (c) Non financial sector (e.g. casinos, high value goods etc.). Please include link to the regulator(s) website

Bank of Zambia - Pensions and Insurance Authority ? .zm

Q4. A4.

Is there any practical guidance provided to firms by public authorities regarding AML requirements, beyond the FATF recommendations and local legislation? Please include link to website, where available.

No.

Q5. A5.

Is there a requirement to retrospectively verify the identity of customers before the date the new AML regime was introduced? No.

Q6. A6.

Is a risk based approach approved by the local regulator(s)? Yes.

Q7. Has the country been the subject of a FATF (or FATF-style) Mutual Evaluation or IMF assessment exercise in the last three years? If yes,

please find a link to a relevant report (if publicly available).

A7.

Customer due diligence

Q8. Are there minimum transaction thresholds, under which customer due diligence is not required?

If Yes, what are the various thresholds in place?

A8. There are no minimum transaction thresholds, under which customer due diligence is not required.

. This publication has been prepared for general guidance on matters of interest for the personal use of the reader, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. The application and impact of laws can vary widely based on the specific facts involved. No representation or warranty (express ?oarg2ei0mn1pt3sliPeddwo)Cniso. tAgalilvcrecignehpattssortreosateshrsevueamdc.ecNuaronatycfyoliarobfruilcrittoyhm,errpedlesipstetornnibesusibstiiolointfytwhoierthdionuuftoytrtmohfeactpaioernermcfooisrnsatiaoninyneocdfoPninswetChqi.us"epPnuwcbeClsi"caoretfifoyenors,uatoonrdtah,netoynotehnteeweeolxrskteeonaftcmptienermgm,biotetrerrdfeirfbmryasilnaoiwnfg,PPrtoirciecawecwta, atientrehrreohluoiasunescCeeCoooonpoepthresersIinnLtfeLorPrnm,aaittitsoionmnaelcmLoimnbteiatreisnd,ee(dPmiwnpCltohIyLise),eosr,aansdthe cpounbtelicxat trieoqnuoirrefso,rinadniyviddueacilsmioenmbbaesrefdirmons iot.f the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is

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TPhreicDewesaigtenrhGoruosuepC2o1o3p8e3rs(0I1n/t1e3rn) ational Limited, each of which is a separate and independent legal entity.

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