SECZim seeks to bolster financial sector integrity

The Securities and Exchange Commission of Zimbabwe (SECZim) recently held a two-day workshop in Mutare focused on Anti-Money Laundering, Combating the Financing of Terrorism, and Proliferation Financing (AML/CFT/CPF) best practices, as part of its ongoing commitment to strengthening regulatory compliance and preserving the integrity of Zimbabwe's financial sector.

The workshop was designed to equip financial sector players with the necessary tools and knowledge to ensure full compliance with AML/CFT/CPF regulations, reinforcing SECZim's determination to combat illicit financial activities in Zimbabwe's financial markets.

In a statement, SECZim noted that the training was aimed at covering the comprehensive spectrum of AML/CFT/CPF compliance, preparing all involved to execute their obligations effectively. This initiative comes as the commission prepares for the third round of Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) mutual evaluations.

"This training was structured to provide participants with the necessary skills to understand and implement AML/CFT/CPF regulations," read part of the statement. "The programme included SECZim presentations, a peer review exercise, a case study, and a multiple-choice assessment to further enhance the learning experience."

SECZim's operations director, Mr. Norman Maferefa, emphasized the commission's commitment to enhancing AML/CFT/CPF awareness and compliance across Zimbabwe's financial sector. He also announced that further capacity-building opportunities are planned for 2025, focusing on both AML/CFT/CPF and prudential regulations.

"The involvement of members from the Criminal Investigation Department (CID) and the Asset Forfeiture Unit during the training was essential, especially in light of the collaborative efforts conducted in partnership with the CID Training Centre," Maferefa said.

Participants commended the workshop for its depth and practical insights, with one stating: "The training was thorough and informative. It helped me understand more about Enhanced Due Diligence (EDD) and Customer Due Diligence (CDD) in the context of AML, with a focus on empowering compliance officers and managers."

Another participant added, "This training was invaluable, providing us with deeper insights into AML activities that stockbrokers need to understand to contribute to the economy's growth."

The AML/CFT/CPF compliance training covered a broad range of topics, from foundational concepts to more advanced subjects, including governance, enterprise-wide risk assessment, key elements of AML/CFT/CPF policy, customer due diligence (CDD), Know Your Customer (KYC) principles, and customer risk assessments.

Other key areas of focus included enhanced due diligence (EDD) to manage high-risk cases, transaction monitoring, structuring AML/CFT/CPF compliance officer reports, and the reporting requirements for the goAML portal (STRs and CTRs). The training also addressed critical operational areas such as the recruitment and vetting of AML/CFT/CPF staff, record-keeping, and training for board members, management, and staff.

SECZim, established under the Securities and Exchange Act [Chapter 24:25], is responsible for regulating the capital markets and protecting investors. The commission's primary objective is to foster a fair, efficient, transparent, and orderly capital market, and it reports directly to the Ministry of Finance and Economic Development. SECZim currently oversees over 200 capital markets intermediaries and collective investment schemes.

This workshop is part of SECZim's broader strategy to enhance regulatory compliance in Zimbabwe's financial sector and maintain a high level of integrity within the capital markets.