RBZ warns banks over cheque scam.
Global Banking News - 18 November 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
The Reserve Bank of Zimbabwe (RBZ) has warned banks about malpractices in the banking sector.
The bank has claimed that it has unearthed malpractices in the banking sector involving fraudulent drawing of bank cheques. In a statement, the central bank said that bank employees are also involved in the malpractices, in which fraudulently drawn cheques are being used to purchase shares on the Zimbabwe Stock Exchange.
The bank has with immediate effect directed that all trades on the Zimbabwe Stock Exchange be supported by actual credit balances.
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