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Three-day training on AML/CFT held at SECZ

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.