The Reserve Bank of Zimbabwe’s (RBZ) Financial Intelligence Unit (FIU) has reportedly reversed a recent directive to banks which limited internal transfers to just two per day.
The reversal of the directive followed representations made by the Bankers Association of Zimbabwe. An economic analyst, Happiness Zengeni tweeted:
The Financial Intelligence Unit has revoked a directive issued to banks limiting internal transfer amounts following representations made by the Bankers Association of Zimbabwe. On June 4, the FIU directed all banks to limit internal transfers to just two per day.
In a directive dated June 4, 2020, the FIU acting director-general, Oliver Chiperesa ordered banks to limit the number of internal transfers that can be processed inside a working day. He said in the notice:
Each bank customer shall make no more than two transactions per day by way of internal transfer regardless of the values involved.
There is no restriction on RTGS transfers but banks should exercise necessary due diligence.
Chiperesa said the measures have been put in place after realising a notable increase in the abuse of the internal bank transfers facility for purposes of parallel market dealings. He said:
We have noted a trend where entities are using their bank accounts to buy foreign currency using a network of runners, some of whom have been advertising their services on social media.
These illicit transactions manifest in the form of daily multiple payments from one account to beneficiaries who hold accounts in the same bank.