Banks’ lack of customer diligence concerns RBZ

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THE Reserve Bank of Zimbabwe (RBZ) has raised a red flag over “low standards” in know-your-customer (KYC) and customer-due-diligence (CDD) practices within the local banking industry. Speaking at the Institute of Bankers of Zimbabwe’s 2020 Summer School in Harare last week, RBZ governor John Mangudya said the industry should comply with international best practices. “We…