2015 BANlCING A~IENTIME]';'T 9 No.l2 Amendment of section 16 of Cap. 24:20 Section 16 ("Commencement of banking business") of the principal Act is amended in subsection (1) by the inseriion in paragraph (a) after "risk management systems" of ", its corporate govemance framework and its systems for the detection and prevention of money-laundering and the financing of terrorism". 10 Amendment of section 18 of Cap. 24:20 Section 18 ("Board of banking institution") of the principal Act is amended(a) by the repeal of subsection (ld) and the substitution of the follmving subsections"( 1d) Subject to subsection (le ), the Registrar shall approve the appointment or re-appointment of a person as director of a banking institution or controlling company unless the Registrar believes on reasonable grounds that the person(a) is disqualified for appointment in terms of section 19 of this Act or section 173 of the Companies Act (Chapter 24:03] or in terms of the memorandum and articles of association or constitution of the banking institution concerned; or (b) has knowingly been involved, whether in Zimbabwe or elsewhere, in money -laundering or financing of terrorism as defined in the Money Laundering and Proceeds of Crime Act [Chapter 9:24] (No.4 of2013); or (c) is otherwise not a fit and proper person to be a director of a banking institution or controlling company, as the case may be. (le) The Registrar shall not approve the appointment or re-appointment of a person as director of a banking institution or controlling company if the person was a director or principal officer of a banking institution or controlling company which, in Zimbabwe or elsewhere, was wound up, liquidated or placed under judicial management or curatorship on the ground that it was unable to pay its debts or contravened any regulatory requirement applicable to it, unless the person satisfies the Registrar by a sworn declaration that he or she was not responsible for the conduct which led to the institution or company being wound up, liquidated or placed under judicial management or curatorship. ( 1f) If the chief financial officer or (upon the failure of the chief financial officer to do so within a reasonable time) any of the principal officers of a banking institution or controlling company becomes aware of(a) any material change in the inf01mation that was provided to the Registrar in terms of subsection (1 b) in regard to a director ofthe banking institution or controlling company; or (b) any fresh information conccming a director of the banking institution or controlling company; which might reasonably be expected to cause the Registrar to reconsider Iris or her approval ofthe director concerned, the chief executive officer or principal officer shall forthwith and in writing infonn the Registrar of that change or provide the Registrar with that fresh infom1ation, as the case may be. (lg) No secrecy or confidentiality provision in any contract or law shall prevent a chief financial officer or any of the principal 223