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No Company Or Individual Should Do More Than 2 Internal Bank Transfers Per Day – RBZ

Barclays Zimbabwe,

It keeps getting stranger by the day. Here is a circula sent to banks by the Financial Intelligence Unit of the Reserve Bank of Zimbabwe:

4 June 2020

Measures to prevent abuse of internal bank transfers for illegal foreign currency transactions

Further to our circular to banks dated 26th of May 2020, titled “Enhanced Scrutiny of Transactions”, we have noted the increasing abuse of the internal bank transfers facility for purposes of parallel market dealings.

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.

In order to curb this practice, banks are directed to implement the following measures, with immediate effect:

1. Each bank customer shall make not 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.

2. Where a customer has genuine and proven need to conduct more than two transactions in a day by way of internal transfers, the customer shall obtain approval from bank management (whether at head office or branch level). Banks shall submit daily returns to the FIU giving details of such transactions and the underlying business purpose.

Individual banks may implement any additional controls on internal and / or inter-bank transfers as they see fit.

Banks shall continue to submit STRs and other regulatory returns as necessary.

This FIU is now adopting strict enforcement measures against banks that are found to be complicit in allowing their clients to conduct illicit transactions.

0. Chiperesa

Acting Director-General

Financial Intelligence Unit

Now I have to apply to the bank to pay my employees. This is nothing but stupid.

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16 thoughts on “No Company Or Individual Should Do More Than 2 Internal Bank Transfers Per Day – RBZ

  1. I am with the RBZ on this. The currency jungle out there needs to be reigned in.

    To try and use the payment of employees to ridicule this effort by the RBZ is missing the point to say the least. Similar to saying the GVT can not quarantine people because it infringes their constitutional right to freedom! Let’s rally behind the RBZ for the black market jungle to be brought under control.

    1. Well, people like you keep surprising me. You remind me of people who kept supporting Masimirembwa and his commission back in 2007-8 because businesses were “overcharging” and “profiteering”. There is a reason why the rate is fluctuating the way it is. It’s because of the govt’s own policies that people don’t trust the RTGS dollar. They keep printing more and more of it and yet they want the exchange rate fixed. You cannot fix and exchange rate without reserves that is pure foolishness.

      A currency is about confidence not commanding people to accept it. These bans we saw them back in the Gono era too just before 2009 that was the end of the RTGS.

      1. Your are spot on correct! its Govt Corruption and the RBZ that are fueling the black market.
        They must do their jobs instead of telling me what i can and cannot do with MY money.

    2. Its retrogressive. We are moving one step ahead and 2 back. In a world that is liberalising payment systems, wr are restricting. The moment you restrict a payment system you ate restricting business. It does not need a rocket scientist to figure outthe business wont grow when payment systems are tempered with and restricted. Who would want to invest in a country in which even internal transfers ate not allowed. You even have permission to send money to your wife, son, brother or father. If you cant get approval you have to visit the bank everyday to be able to transact. Thats the wierdest restriction I have ever heard.

      The money changers have always existed even from biblical times. Even USA, Europe have them. They will not go away! The real issue is demand and supply of money, broad or whatever money is there period.

      In 2007 and 2008 we didn’t have Ecocash, we didn’t have zipit or one money and yet we have not yet reached the level of inflation we did that time. Its not about payment platforms, its about MONEY SUPPLY!

    1. What about if the employees all have the same bank as the Employer ? – because companies tend to encourage employees to have the same bank account as them to “improve the speed of payment”

  2. Mukupera kwegame the market will end up refusimg to trade in rtgs always its the masses who suffers

  3. This policy of RBZ is very counterproductive, what is happening with the rate is a symptom of a bigger problem which is not going to be solved by plugging holes. You may have to replace the pipe because if the pipe is old enough holes will pop up elsewhere. So banks have to employ people to do non productive reports daily to RBZ????. A business then has to apply each time you need to pay suppliers within the same bank??? We all know the inflation is running high so is the number of transactions follow suit, honestly how do you run a company on 2 transactions?? I can go on and on but I rest my case.

  4. Just as we are a COMMUNIST RUN Country. The Govnt are the cause of this, but you have people who suppose to have a degree! A degree in what? Mismanagement and Corruption? I with 3 o levels will sort this problem out. It is known as Reform and allowing 100% Democracy. Stuff your fake Qualifications.

  5. RBZ rate of 25.. how in heavens name do you expect someone who are the majority below the poverty line to pay USD12 for a 10kg bag of mealie meal from OK? F……… ridicules.

  6. The author’s last remark “stupid” is bad journalism. You present your proper arguments and not use bloated words like these.

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