IMBREX ENTERPRISES (PVT) LTD v STANBIC BANK ZIMBABWE LTD & ANOR 2016 (1) ZLR 445 (H)

2016 (1) ZLR p445

Flynote

Bank – nature of banker-customer relationship.

Bank – accounts – summary closure of bank account by bank – customer contracting out of right to reasons – contract allowing for closure of accounts by bank on notice – whether such period reasonable – whether bank obliged to give reasons – freedom of contract – parties bound by their contract.

Bank – money laundering – suspicion of money laundering or terror financing – section 31 (2) of the Money Laundering and Proceeds of Crime Act [Chapter 9:24] proscribes the notification by a bank to its client of a suspicion of money laundering or terror financing.