The legal framework of archives and records management in financial institutions in Zambia.

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Hamooya, Chrispin
Njobvu, Benson
Mulauzi, Felesia
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University of Zambia Press
Financial institutions transact locally and internationally. In this regard, there is need to enact comprehensive records and archival legislation to ensure that records emanating from such transactions are managed in an effective manner to protect their integrity. The paper posits that without an effective legislation on financial institutions, issues of transparency and accountability will not be tenable in these institutions. This scenario will not only affect the financial institutions but also the users of these financial institutional. The situations may also lead to financial crimes and other related crimes that thrive on financial transactions. The paper discusses the various legal frameworks for archives and regards management in financial institutions in Zambia and its role in the control and management of. The article was written based on a critical analysis of various anti-crime regulatory frameworks pertaining to banking and finances in Zambia. It was discovered that each regulatory framework had penalties for not managing records in an appropriate manner. The contends that the provisions of the regulatory frameworks in a way encourages appropriate records management and archives administration in financial institutions as they act as a guiding principle to custodians and users of records and archives. The paper concludes that guidelines in financial institutions concerning records and archiving processes, retention periods and all associated legal frameworks though punitive in nature are actually very good as they ensure that financial records in Zambia are managed in an appropriate manner. It was thus recommended that National Archival Institutions’ legislation should have punitive measures in place to ensure that institutions under their mandate adhere to their wishes.
Accountability. , Archival legislation. , Financial institutions. , Financial records. , Money laundering.