Reserve Bank of Zimbabwe (RBZ) Acting Director-General Financial Intelligence Unit, O. Chiperesa yesterday, sent a directive to financial institutions restricting the processing of more than two transactions for each customer a day in a move against illegal foreign currency transactions.
The Central Bank has been accusing the illegal money changers of causing rising inflation in Zimbabwe.
Chiperesa says, “Each bank customer shall make not more than two transactions per day by way of internal transfer, regardless of the values involved. There is no restriction on RTGS transfers, but banks should exercise necessary due diligence.”
“Where a customer has genuine and proven need to conduct more than two transactions in a day by way of internal transfers, the customer shall obtain approval from bank management (whether at head office or branch level). Banks shall submit daily returns to the FIU giving details of such transactions and the underlying business purpose.”
The Acting Director-General explaining the decision to restrict internal transfers, says RBZ noticed the increasing abuse of the internal bank transfers facility for the purpose of parallel market dealings.
“We have noted a trend where entities are using their bank accounts to buy foreign currency, using a network of ‘runners’, some of whom have been advertising their services on social media,” Chiperesa says.
“These illicit transactions manifest in the form of daily multiple payments from one account to beneficiaries who hold accounts in the same bank.”
“This FIU is now adopting strict enforcement measures against banks that are found to be complicit in allowing their clients to conduct illicit transactions.”
With local currency losing value due to inflation, Zimbabweans are opting for foreign currency to store value.
Last year the central bank is said to have frozen accounts held by Sakunda accusing the company of initiating foreign currency trading on the parallel market.
