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POSB fined $500 000, employees dismissed for social media pics -RBZ

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POSB fined $500 000, employees dismissed for social media pics -RBZ

HARARE – People’s Own Savings Bank has been fined $500 000 for violating sections of the Banking Act after its employees leaked pictures showing bond notes in the bank’s vaults on social media.

Under Section 76 (2) of the Banking Act Preservation of secrecy sub title, except with the permission of the Reserve Bank, no banking institution or employee or agent of a bank- ing institution shall disclose any information provided to it by the Reserve Bank in the performance of its functions under this Act.

In a statement RBZ said POSB had violated the Banking Act after its employees unlawfully and without permission, took images of bond notes in its vaults and distributed and publicised the images via social media.

As a consequence of the transgressions, the RBZ has imposed an administration fine of $500 000 on POSB while the employees who took the pics have been dismissed with immediate effect.. Full report to follow

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