Q FM Africa's Modern Radio
Bankers Association of Zambia has welcomed the proposal by the Financial Intelligence Center to limit threshold for cash transactions.
The Financial Intelligence Center (FIC) in its seventh money laundering and terrorist financing 2021 trends report is urging government to consider the introduction of a limit or threshold for cash transactions as there is a threshold of USD$10,000 on reporting cash transactions to the FIC.
Bankers Association of Zambia Executive Director Leonard Mwanza notes that the industry has so far advanced in terms of deploying digital payments but says the digital platforms only provide the efficiency of moving money from one person to the other.
He has also advised those doing large transactions to utilize digital media platforms.
Mr. Mwanza says a review on policies around cash transactions is needed to ensure that there is a look at last mile payments, promotion of digital payments as well as reducing high value transactions over the counter as this is where the concerns of suspicious transactions come from.