More Ecocash, OneMoney Lines Closed By The RBZ

The RBZ has frozen more OneMoney and Ecocash lines suspected to be fuelling the black market exchange rates volatility, The Herald reports.

A source from the Financial Intelligence Unit (FIU) said the RBZ suspended yet another batch of Ecocash and OneMoney lines to pave way for investigations into illegal forex dealings.

The source further claimed that:

They(The FIU) want to ensure that people or businesses with the agent lines are bona fide entities and they have to prove the source of their funding. The FIU, which tracks financial transactions in this country, wants mobile operators to enhance their Know Your Customer framework after establishing that there is weak KYC enforcement given the amount of suspicious transactions.

It is not only EcoCash, but it is a market wide matter whereby the FIU want operators to enforce KYC principles. Therefore they have frozen suspected agent lines so that each matter can be evaluated on a case by case basis

According to the publication, transactions worth $75 Million were being executed on these agents lines while the nature of their business does not support the movement of such huge sums of money.

More: The Herald

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