(Last Updated on October 14, 2021 by zimdaily)
HARARE – The Reserve Bank of Zimbabwe (RBZ) has directed banks to configure their automated transaction systems in order to implement robust mechanisms that detect the abuse of debit cards in facilitating illegal foreign currency transactions.
Through its Financial Intelligence Unit (FIU), the apex bank said it has noted increasing abuse of debit cards linked to Zimbabwe dollar-denominated bank accounts.
In a statement, the FIU said card-holders were approaching customers who intend to buy goods or services in foreign currency and offer the use of their cards in return for foreign currency at an agreed exchange rate.
It said in the course of discharging Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations, banks are expected to identify and report these transactions as suspicious and, in case of repeated abuse, close the accounts and report to the FIU.