Important Warning
Warning against conducting forex transactions with unlicensed operators in various locations.
Entity Information
Entity Name
Various Unlicensed Operators
Entity Type
Unlicensed Forex Dealers
Details
The Bank of Zambia wishes to caution the public against conducting foreign exchange transactions with unlicensed forex bureaux and street money changers.
Recent enforcement activities have identified numerous unlicensed forex operators in Lusaka, Kitwe, Ndola, and Livingstone. These operators are conducting illegal foreign exchange business without the required licenses from the Bank of Zambia.
Risks of dealing with unlicensed forex operators include:
- Receiving counterfeit currency - Being cheated with unfair exchange rates - No legal recourse in case of disputes - Potential involvement in money laundering activities - Loss of funds without any protection
The Bank of Zambia reminds the public that only licensed forex bureaux and authorized dealer banks are permitted to conduct foreign exchange transactions in Zambia.
A list of licensed forex bureaux is available on the Bank of Zambia website. Members of the public are encouraged to verify the licensing status of any forex dealer before conducting transactions.
Recommended Actions
- Only conduct forex transactions with licensed bureaux or authorized banks
- Verify the license of forex bureaux on the BoZ website before transacting
- Report unlicensed forex operations to the Bank of Zambia
- Keep receipts of all forex transactions
- Report suspected counterfeit currency to the police
Report Suspicious Activity
If you have information about this or any other suspicious financial activity, please report it to the Bank of Zambia.
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