CBZ warns staff and clients against black market activities

by | Oct 13, 2021 | Business | 0 comments

Nevanji Munyaradzi Chiondegwa

Following the citing of CBZ Bank clients by both the Financial Intelligence Unit and the Reserve Bank of Zimbabwe as active participants on the parallel market, CBZ has issued a an instructions circular to its staff to comply with the regulatory requirements.
The identification of CBZ as one of the most used banks in illegal transactions promoted the financial institution management to send a warning to its employees.
In a letter seen by Tateguru Tv, CBZ called on its employees to stay clear of participating on the black market.
“Reference is being made to the Press Release Statement issued by the Reserve Bank of Zimbabwe and the Financial Intelligence Unit (FIU) on 30 September 2021 and 5 October 2021 respectively, on individuals participating in parallel market activities,” read the letter signed by Matthew Manyati the Group Chief Compliance Officer, Peter Zimunya, the  Managing Director – CBZ Bank Ltd

The letter went on to state how regulators had cited great concern on the number of CBZ clients who were advertising parallel foreign currency transactions on different social media platforms, and in turn fuelling exchange rate distortions in the foreign exchange market.

“In a bid to curb the fuelling of exchange rate distortions and preserve the Group’s good image, CBZ shall fulfil its obligation of identifying such clients and reporting them to the FIU,” the letter addressed to all staff members said.

CBZ has also barred all its staff members from participating in illegal foreign currency transactions, either on behalf of clients or for their own personal benefit.

The instructions stipulated that any staff member who is caught acting in the black market, will face consequences.

“It should be noted that clients and staff members identified by both regulators to be involved in parallel market activities shall be blacklisted and barred from accessing financial services for the next 2 years,” the letter added.

All CBZ workers were encouraged to identify any persons advertising parallel foreign currency transactions using the CBZ name on social media and report them to details which were provided.