Online Reporter
Judith Phiri
Business Reporter
Committed to strengthening regulatory compliance and preserving the integrity of Zimbabwe’s financial sector, the Securities and Exchange Commission of Zimbabwe (SECZim) recently hosted a two-day workshop in Mutare centered around Anti-Money Laundering, Combating the Financing of Terrorism, and Proliferation Financing (AML/CFT/CPF) best practices.
The event served as a platform for continued capacity-building initiatives, as SECZim is determined to fortify its regulatory framework and combat illicit financial activities in Zimbabwe’s financial markets.
The Securities and Exchange Commission of Zimbabwe (SECZim) is dedicated to enhancing regulatory compliance and financial sector integrity through continuous capacity-building initiatives.
In a statement, SECZim said the training was designed to comprehensively cover the entire AML/CFT/CPF compliance spectrum, enabling all players to execute their AML/CFT/CPF mandate.
“This comes when the commission prepares for the third round of Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) mutual evaluations. The training programme was structured to include SECZim presentations, a peer review exercise, a case study and a multiple-choice assessment,” read part of the statement.
SECZim’s operations director, Mr Norman Maferefa, highlighted the commission’s commitment to strengthening AML/CFT/CPF awareness and compliance, stating that more capacity-building opportunities are planned for 2025, on AML/CFT/CPF and Prudential.
He said the participation of three members of the Criminal Investigation Department and the Asset Forfeiture Unit during the training was critical, following stakeholder engagement conducted in partnership with the CID Training Centre.
Participants lauded the workshop for its depth and practical insights, and a participant remarked: “The training was good and fair. It made me understand more about EDD and CDD in terms of AML, with an emphasis on capacitating compliance officers and managers.”
Another participant added, “It was a great training with deeper insights into the AML activities that we as stockbrokers need to be aware of for the progress of the economy.”
The AML/CFT/CPF Compliance training covered a range of components, progressing from foundational to more advanced topics.
These included AML/CFT/CPF governance, enterprise-wide risk assessment, key elements of AML/CFT/CPF policy, various types of customer due diligence (CDD), Know Your Customer (KYC) principles, customer risk assessment, and enhanced due diligence (EDD) to manage high risk.
The training also addressed transaction monitoring, structure and content of the AML/CFT/CPF compliance officer’s report, and goAML portal reporting requirements (STRs and CTRs reporting).
The training also covered critical operational areas such as the vetting and recruitment of AML/CFT/CPF staff, record keeping and retention, and zeroing in on training for the board, management, and staff.
SECZim is a statutory body established in terms of section 3 of the Securities and Exchange Act [Chapter 24:25], to regulate the capital markets and provide investor protection.
The commission’s main thrust is to encourage the development of a free, fair, efficient, transparent, and orderly capital market and reports directly to the Ministry of Finance and Economic Development.
SECZim oversees over 200 capital markets intermediaries and collective investment schemes.
Online Reporter