Regulatory Alerts2020-11-23
Added · Updated
Reserve Bank of Zimbabwe AML/CFT Directive on Financial Institution Obligations
The Reserve Bank of Zimbabwe’s Money Laundering Unit issued Directive No. 3/7/2015 to mandate comprehensive anti-money laundering and counter-terrorist financing compliance for all financial institutions and designated non-financial businesses. Institutions must appoint a Money Laundering Reporting Officer by August 2015, formally assess ML/TF risks to apply enhanced or simplified measures, and verify customer identities for transactions exceeding US$5,000. The directive further requires timely cash transaction and suspicious activity reports, immediate freezing of UN-sanctioned assets, five-year record retention, and imposes criminal, civil, and administrative penalties for non-compliance.