By Kudakwashe Vhenge
RBZ’s Financial Intelligence Unit has imposed temporary limits on ZIPIT transactions which are now being used for “illicit forex transactions”.
The Reserve Bank of Zimbabwe (RBZ) said it is reviewing downward ZIPIT Transactions limits as part of it’s raft of measures to plug leakages in the financial sector.
In a letter gleaned by Bustop TV News, addressed to all banks the RBZ said it was reviewing downward daily limits to $20,000 from $100K while the monthly cap of $100,000 now applies.
“The FIU noted that the current existing ZIPIT transaction limit which have no monthly cap are being misused primarily for illicit foreign currency transactions.
“The FIU has noted that KYC shortcomings in ZIPIT transactions that make it difficult for banks, regulator’s and law enforcement agencies to speedily identify counterparties to a transaction, or identify multi banked users.”
The central bank has been at pains to plug illicit financial flow, accusing mobile money platform Ecocash of operating a “Ponzi scheme” which is fueling parallel exchange market.