Regulatory Alerts2020-11-19
Added · Updated
Directive on Securities Sector Implementation of AML-CFT Requirements
The Reserve Bank of Zimbabwe’s Financial Intelligence Unit mandates all designated securities sector institutions to fully implement Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) requirements. Institutions must establish robust customer identification and due diligence processes, appoint a managerial Money Laundering Reporting Officer, maintain prescribed records, report suspicious transactions, and implement board-approved internal programmes alongside ongoing risk assessments. Compliance takes immediate effect with a mandatory written report due by January 10, 2013, detailing implemented measures and officer contact information, while failure to adhere constitutes a prosecutable offence subject to direct financial sanctions.