end but rather as a beginning of a new life. it is my hope that you will find life after retirement fulfilling and a fitting reward for many years of hard work. it is my earnest appeal to all retirees to utilize all the skills and knowledge you have acquired during your working life most especially in the bank, to use your retirement resources wisely by investing prudently. stories of destitution among retirees is one but many of the sad stories, i would like you to avoid. guard the assets that you have acquired in your working life jealously, because retirement does not give you multiple chances to make amends when you make unsound business decisions. it is for this reason that the bank, through human resources department, has engaged future search a consultancy firm to give you tips on how to live in retirement, i urge you to attend the upcoming workshop. i therefore wish you god ’ s blessings as your pursue the challenges of life in retirement. thank you.

basle committee ’ s guidelines issued the ‘ know your customer ’ directive in december 1998. the directive outlines the basic procedures that bank managements should put in place within their institutions to prevent criminal use of the banking system. it also places limitations on the amounts of foreign exchange that individuals can transact. mr chairman, the banking sector in zambia has also not lagged behind in terms of coming up with an industry response to this scourge. the bankers ’ association of zambia ( baz ) issued the ‘ code of banking practice in zambia ’ in 2002, outlining the association ’ s commitment to fighting money laundering and complying with the letter and spirit of money laundering in all parts of the world. because banks have been identified as the primary focus of money launderers and provide an entry point for laundered money into the financial system, most efforts to combat this scourge are targeted towards banks. under the money - laundering act, banks have certain obligations, which are placed upon them by the law. these include : • to keep identification record of its customers for a period of ten years. this is aimed at safeguarding the documentary evidence to prove that the financial institution has sufficient knowledge of its clients. • to report to the money laundering investigations unit whenever there are reasonable grounds to believe that a money laundering offence has been or is about to be committed. • to comply with any directives issued by the bank of zambia. • to designate an officer in each branch or office as the money laundering officer. • to provide training to staff on anti - money laundering techniques. in conclusion, mr chairman, i would like to state that the effects of money laundering are incomputable and unknown to many of us. the prohibition and prevention of money laundering bill has laid a foundation and will serve to deter the use of the zambian financial system as a site to launder dirty money. it has given each one of us a challenge. for the banking sector, the challenge is to ensure that their corporate governance structures and risk management systems are redesigned to take care of this growing threat. as for the bank of zambia, our challenge is to recognise that technology and globalisation has given money launderers an opportunity to explore new techniques to commit and cover their crimes. this therefore, requires us to be more vigilant, dynamic and resourceful to thwart and overcome the scourge. in addition, full co - operation and coordination within the banking industry in implementing the bank of zambia guidelines