522 Accounts Frozen in 6 Months: RBZ Reveals What Can Put Your Bank Account at Risk

RBZ Freezes 522 Accounts, Reveals How to Avoid the Same Fate

In a bid to ensure the continued stability of Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), the Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) has taken drastic measures.

Also read: Marondera Teacher Arrested For Swiping ZiG to Pay for Groceries in Exchange of US Dollars

RBZ Freezes 522 Bank Accounts to Stabilize ZiG

The central bank has frozen 522 bank accounts belonging to companies and individuals. It has heavily fined 140 entities for violating the country’s exchange control regulations.

While the RBZ did not disclose the names of the companies and individuals whose bank accounts were frozen it detailed the actions that can lead you into the same predicament. These include using multiple bank cards to deal in foreign currency and shopping behaviour deemed inconsistent with normal practices.

Also read: Government Explains Why It Is Charging Passports In US Dollars And Not ZiG

What Can Get Your Bank Account Frozen By the RBZ

According to FIU director-general Mr Oliver Chiperesa, the frozen bank accounts were linked to “traders found to be manipulating exchange rates, as well as where our routine transaction monitoring and analysis identifies bank accounts that are being misused for illegal foreign currency trading.”

Also read: Say Goodbye to Change Shortages: RBZ Joins Hands with Homelink in ‘Swipe for ZiG Cash’ Initiative

Multiple Bank Card Transactions and ‘Abnormal’ Shopping Behaviour

The FIU is also focusing on individuals who move large sums of money using multiple bank cards, as well as accounts associated with “patterns that are inconsistent with normal shopping behaviour.” This includes cards used by “middlemen, who accost customers in and outside shops, asking the customers to use the ZiG cards to make their purchases while they give the middleman the agreed US dollar equivalent.”

Also read: RBZ Launches Snitch Hotline: FIU Urges Zimbos to Report Businesses Rejecting ZiG or Using Black Market Rates

Increased Compliance in the Formal Sector

Furthermore, the central bank’s surveillance is targeting manufacturers and suppliers who refuse to accept the ZiG currency, though it noted an increase in compliance levels in the formal sector.

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