Source: Cash scam – RBZ clears Ecobank – NewsDay Zimbabwe November 19, 2019
Ecobank says the Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has exonerated the financial institution after completing investigations into alleged diversion of funds to the black market.
In a statement, Ecobank said investigations by the FIU have shown that the bank complied with the regulatory processes in disbursing the ZW$15 000 cash in question whose notes and serial numbers were awash in the social media.
“This amount was intended for purposes of procuring milk from small-scale producers by a client of the bank,” said the bank.
“Investigations are now centered on the client to ascertain if the funds were used for the indicated and intended purposes, and the existence of any criminal activity on the part of our client.’
Ecobank said it was committed to consistently adhering to the highest standards of regulatory compliance and governance and will always co-operate fully with the regulatory authorities.
“We will continue to play our part in providing solutions that contribute to the stability of the economy,” said the bank