Ishemunyoro Chingwere Business Reporter
Ecobank Zimbabwe Limited has said it complied with regulatory requirements before approving a $15 000 cash withdrawal by a customer which resulted in pictures of new Zimbabwe dollar notes circulating on social media raising fears that the money was being channelled to the parallel market.
In a statement, the bank said the customer had intended to use the money to pay for milk deliveries from small-scale producers.
Investigations by monetary authorities, the bank said, are now on whether the client then used the money for its indicated purposes.
“Following the publication of a press release by Reserve Bank of Zimbabwe on pictures of notes circulating on social media, Ecobank Zimbabwe Limited wishes to advise that the Financial Intelligence Unit (FIU) conducted investigations into alleged diversion of cash to the parallel market,” said the bank.
“The investigations by the FIU have shown that Ecobank complied with the regulatory processes in disbursing the $15, 000 cash in question. This amount was intended for purposes of procuring milk from small-scale producers by a client of 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,” reads the statement.