BoZ revokes Swift Bureau’s licence

REVOCATION of the licence does not relieve Swift Bureau de Change Limited of any obligation it incurred during the period of validity of the licence, says the Bank of Zambia.

Announcing the revocation of the bureau de change licence of Swift Bureau de Change Limited yesterday, the central bank stated the development did not mean the entity was protected from any obligations it assumed while in operation.

“The revocation follows the surrender of the licence by Swift Bureau de Change Limited on March 19, 2013 to the Registrar of Banks, financial institutions and financial businesses. The revocation entails that Swift has ceased to operate as a Bureau de Change,” it stated. “However, the revocation of the licence does not relieve Swift of any obligations it assumed during the period of validity of the licence.