CBZ Uses Tech to Fight Money Laundering

FINANCIAL concern, CBZ Holdings Ltd is using its wide range technological initiatives to combat money laundering and other cyber related crimes in bid to maintain and protect its image.

Presenting financial results for the year ended December 31 2016, CBZ Chief Executive Never Nyemudzo said the bank was managing the money laundering risk through effective use compliance using technology to enhance anti-money laundering program management, communication, monitoring and reporting.

By TechnoMag Reporter

“The money laundering risk is that risk of financial or reputational loss suffered as a result of transactions in which criminal financiers disguise the origin of funds they deposit in the bank and the use the funds to support illegal activities.

The bank also manages this through adherence to know your customer procedures, development of early warning systems and integration of early warning systems and integration of compliance into individual performance measurement and reward structures.

CBZ CEO Never Nyemudzo

In 2016, CBZ launched a variety of tech solutions in a bid to make lives for easy for its clientele which include the CBZ Touch, which is designed to deliver convenience by providing a mobile channel for CBZ Holdings’ suite of financial services.

The CBZ Touch app now has over 33 000 users, with over $1million in transactions done using the application in the last four months.



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