RBZ clarifies the suspension of EcoCash Agent accounts. The Financial Intelligence Unit (FIU) is being inundated by Ecocash (Private) Limited (Ecocash) clients whose agent accounts have been suspended pursuant to our directive issued on the 4th of May 2020. The FIU wishes to provide the following clarification to the affected agents.
The directive required Ecocash to suspend the accounts of all agent accounts that have transaction limits of more than ZW$100,000 per month. This was not an absolute ban, but simply required Ecocash to re-register, update and strengthen Know Your Customer (KYC) requirements for agents that transact high volumes, in line with Anti Money Laundering and Combating Financing of Terrorism laws.
The move is meant to weed out illicit foreign currency dealers who are now the main drivers of high value / high volume transactions on the Ecocash platform, in the process destabilising and distorting the foreign currency market.
FIU analyses shows that the majority of agent accounts are no longer being used for the purpose for which they were originally intended, such as cash-in, cash-out, sending money, airtime vending and facilitating payment of utility bills by clients. The FIU further established that the KYC information which Ecocash has in respect of most of the agents is inadequate, inaccurate or out of date, hence the need for a wholesale update to ensure that only bonande entities are allowed to continue using the platform.
Ecocash, like other financial service providers, is expected to know its customers well enough and satisfy itself at all times (through ongoing transaction monitoring) that they are all conducting legitimate business transactions, an obligation which mobile payment service providers, unlike banks, have generally failed to implement. Since the issuance of our directive on 4 May, 2020, the FIU’s expectation is that by now Ecocash should have commenced facilitation of the re-registration of the bona de customers, among those affected. Instead, Ecocash continues to refer its clients to the FIU.
The FIU, therefore, wishes to advise affected Ecocash customers to direct all queries to Ecocash.
Financial Intelligence Unit
19 May 2020
Source – Bulawayo24 News
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