THE Securities and Exchange Commission of Zimbabwe (SECZ) recently held its first Anti-Money Laundering and Countering Financing ofTerrorism (AML/CFT) training workshop in Borrowdale Harare. The three-day workshop started on the 26th of September and ended on the 1st of October 2019. The workshop was preceded by the launch of the AML/CFT handbook on the 25th of September.
In his opening remarks, SECZ CEO, Mr Chinamo emphasized the role of the regulator and the regulated entities in the fight against money laundering and terrorist financing.He went on to encourage all attendees to learn and acquire as much needed knowledge on AML/CFT.
The training emphasized the importance of having effective AML/CFT controls in place especially by applying the Risk Based Approach and reinforced the need for Securities Market Intermediaries to effectively carryout their AML/CFT obligations. Some of the areas covered included the legal framework for AML/CFT, stages of the Risk Based Approach framework and how to conduct a comprehensive institutional risk assessment.
All AML/CFT obligations were covered in detail including Know Your Customer and Customer Due Diligence (KYC/CDD) procedures, ongoing due diligence and record keeping, amongst other general, ongoing and reporting obligations.
The training sessions were facilitated by the Licensing and Supervision Manager, Mr Tirivafi Nhundu and Ms Diana Madondo, SECZ Supervision and Licensing Officer. All sessions were interactive, thereby giving SMIs an opportunity to ask questions and share their views on how to effectively implement AML/CFT frameworks..
The training recorded satisfactory attendance with over 80% of the invited participants having attended the training.Asset managers, custodians, transfer secretaries, exchanges and the Central Securities Depository attended the first session while securities dealing firms, trustees and some advisory companies attended the second. The rest of the advisors attended the last session.
SECZ is grateful for the participation of the market players as this training forms part of its intentions to fulfil its mandate of enhancing awareness and education amongst market players,.thereby providing relevant information that would assist all in ensuring that its jurisdiction remains off-limits to money laundering criminals and terrorists.
THE Securities and Exchange Commission of Zimbabwe (SECZ) held its first Annual General Meeting (AGM) on Monday September 3, 2019, at the Commission’s offices in Borrowdale Harare.
The purpose of the meeting was to receive, consider and adopt the audited financial statements and reports of the commissioners and auditors for the year ended 31 December 2018.The meeting would also confirm the commissioners’ fees and remuneration for the year ended 31 December 2018, in the amount of RTGS $103 400 among other issues.
Various representatives came from the Parliament of Zimbabwe, Ministry of Finance and Economic Development, Auditor General’s office, capital market players , members of the Commission, members of the media. Copies of the 2018 annual report were distributed to all present
The report provides comprehensive information about the Commission’s activities which include spearheading the C-Trade launch, an online trading platform, in conjunction with Financial Securities (Pvt) Ltd (FINSEC) and successfully negotiating a cooperating agreement with Financial Sector Deepening Africa (FSDA), a British consultancy firm. The annual report also covers the financial performance of the Commission over the past twelve months.
SECZ is grateful to all attendees for their participation and making this inaugural Annual General Meeting a successful one.Add a comment
NOTICE IS HEREBY GIVEN THAT Mr. Benson Gasura’s Securities Dealer License has been suspended to facilitate investigations in terms of section 49 (1) (a) of the Securities and Exchange Act [Chapter 24:25]Add a comment
NOTICE IS HEREBY GIVEN THAT Mr. Benson Gasura’s Securities Dealer License has been suspended to facilitate investigations in terms of section 49 (1) (a) of the Securities and Exchange Act [Chapter 24:25].Add a comment
The Securities and Exchange Commission of Zimbabwe (SECZ) launched the Anti-Money laundering and Combating Financing of Terrorism (AML/CFT) handbook for the Securities Market at its offices in Borrowdale on Wednesday the 25th of September 2019.
The handbook seeks to assist Securities Market Intermediaries (SMIs) understand their obligations in the fight against money laundering and terrorist financing in the securities sector. It will help SMIs in conforming with the Money Laundering and Proceeds of the Crime Act [9:24], Financial Action Task Force (FATF) standards on AML/CFT and promote use of proportionate risk-based approach to customer due diligence.
The launch was graced by guests from the Securities Market, representatives from the Ministry of Finance and Economic Development, SECZ employees and members of the media.
Mr. Tirivafi Nhundu gave a high-level outline of the handbook whilst Mr. Mirirai Chiremba from the Financial Intelligence Unit (FIU) emphasised the importance of anti-money laundering and combating financing of terrorism mechanisms. He pointed out that Zimbabwe needs to urgently Address the effectiveness of its anti-money laundering and combating financing regimes, failure of which will see Zimbabwe being eliminated from the international financial systems.
The Director of Capital Markets, Mrs. Judith Rusike from the Ministry of Finance and Economic Development delivered the keynote address, after which she declared the handbook officially launched..
Speakers at the launch commended the Commission for issuing the handbook as it would provide themuch-needed guidance and ensure compliance with AML/CFT legislation by SMIs.
The launch of the handbook also marked a three-day training programme designed to help officers of regulated entities to put in place controls to prevent financial crimes in their businesses.Add a comment