Regulatory Alerts2020-10-14
Added · Updated
Directive on Fungibility Inflows - Additional KYC Requirements
Securities Market Intermediaries must immediately undertake Enhanced Due Diligence on all inflows of fungible shares from external registers into Zimbabwe, requesting Customer Due Diligence documents including beneficial ownership and proof of source of funds upon receipt of transfer notifications. Intermediaries are prohibited from registering shares if this information is not disclosed and must file Suspicious transaction reports with relevant authorities, while all rejected transfer requests must be reported simultaneously to the Securities Exchange and the Securities & Exchange Commission of Zimbabwe. The Commission will audit all transaction inflows on dual listed shares consummated from 01 June 2019, requiring that documentation complying with Exchange Control Directive RU102/2019 be in place for these transactions.
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