MOBILE MONEY BEING ABUSED
THE Financial Intelligence Centre (FIC) has observed that mobile wallets are being misused for large deposits due to their anonymity and ease of transaction, making them a target for illicit activities.
FIC Director General Clement Kapalu said this at the 2nd Banking Industry Symposium hosted by Stanbic Bank Zambia yesterday under the theme ‘Role of the public and private sectors in ensuring positive outcomes from country mutual evaluations’.
“Some individuals are exploiting mobile agent wallets for money transfers, deposits, and withdrawal services to bypass regulatory thresholds on personal wallet transactions and holdings,” Mr Kapalu said.
Zambia Daily Mail
Hold the operators accountable. Until the operators are held accountable, the scourge will continue.
Most white collar crimes are about collusion and complicity. Systems in this mobile companies are flawed. And it starts with those who are supposed to guardians allowing things that should not be done to happen.
Auditors ans IT operators.