The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) has accused some banks of engaging in the illegal purchase of foreign currency on the parallel market.
FIU now intends to conduct an audit into accounts used by banks in the so-called illicit forex dealings.
FIU director-general Oliver Chiperesa’s correspondence to banks dated 11 May 2022, reads:
Directive to disclose suspense and other internal accounts
1. The Financial Intelligence Unit has noted that some banks may be using suspense and other internal accounts under various descriptions for purpose of purchasing foreign currency on the parallel market. In the result, we intend to carry out an audit of such accounts
2. To facilitate the planning of the audit, every bank is required to furnish to the Financial Intelligence Unit, a list of all the bank’s suspense accounts and other internal accounts used by the bank for its own transactions. The information should be provided to the FIU by no later than Friday 13th of May 2022
3. Subsequent to receiving this information, the FIU may request detailed bank statements for all or some of the accounts. The FIU will take a serious view of a failure to disclose any particular account as requested therein.
May you be guided accordingly.