SECZim raises awareness on financial crime

The Securities and Exchange Commission of Zimbabwe (SECZim) has reaffirmed its commitment to bolstering regulatory compliance and integrity within the financial sector through robust capacity-building initiatives, as it intensifies preparations for the upcoming Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) mutual evaluations.

From 21 to 22 March 2025, the Commission hosted a comprehensive two-day workshop on Anti-Money Laundering, Combating the Financing of Terrorism, and Proliferation Financing (AML/CFT/CPF) in Mutare. The training brought together capital markets professionals and law enforcement representatives to deepen understanding and implementation of AML/CFT/CPF frameworks.

In a statement, SECZim highlighted that the training was crafted to cover the entire AML/CFT/CPF compliance spectrum, empowering participants with practical knowledge to effectively execute their duties in line with international standards.

"This comes at a time the Commission prepares for the third round of ESAAMLG mutual evaluations. The training programme was structured to include SECZim presentations, a peer review exercise, a case study and a multiple-choice assessment," the Commission said.

SECZim's Director of Operations, Mr Norman Maferefa, underscored the importance of continuous professional development within the sector, noting that several more training sessions on AML/CFT/CPF and prudential supervision are lined up for 2025. He also emphasized the significance of law enforcement collaboration, pointing to the active participation of three officers from the Criminal Investigation Department (CID) and its Asset Forfeiture Unit (CID AFU), following earlier stakeholder engagements with the CID Training Centre.

Participants praised the workshop for its practical depth and relevance. One attendee remarked that the session enhanced their understanding of Enhanced Due Diligence (EDD) and Customer Due Diligence (CDD), adding that the training empowered compliance officers and managers. Another participant, a stockbroker, said the insights gained were essential for strengthening AML practices within their operations and, by extension, promoting a stronger economic environment.

The training covered a broad range of critical topics, beginning with foundational AML/CFT/CPF governance structures and extending to advanced compliance areas. These included Enterprise-Wide Risk Assessments, Know Your Customer (KYC) principles, Customer Risk Assessments, and EDD for high-risk clients. Additional sessions focused on Transaction Monitoring, the structure of Compliance Officer Reports, and the goAML Portal's Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) submission requirements.

Operational aspects were also addressed, including procedures for vetting and recruiting AML/CFT/CPF staff, record-keeping and data retention protocols, and targeted training for board members, management, and staff.

Established under the Securities and Exchange Act [Chapter 24:25], SECZim is a statutory regulator of Zimbabwe's capital markets, mandated to protect investors and ensure a transparent, fair, and efficient market. The Commission currently supervises over 200 intermediaries and collective investment schemes and reports directly to the Ministry of Finance and Economic Development.

The successful completion of the workshop reflects SECZim's proactive stance in preparing Zimbabwe's capital markets for regional evaluations while promoting long-term financial integrity and investor confidence.