https://www.taxtmi.com/news?id=4302 The Reserve Bank instructs NBFCs that reporting of attempted fraud cases meeting the stated monetary threshold to the central Fraud Monitoring Cell is to be discontinued. NBFCs must continue to place individual attempted-fraud cases meeting the threshold before the Audit Committee of the Board, with reports detailing modus operandi, how the attempt failed or was foiled, remedial measures, and new controls implemented. NBFCs must also prepare an annual consolidated review of such cases as on March 31 each year, covering operational areas affected, effectiveness of remedies, three year trends, and need for further process changes. en-us Fri, 14 Dec 2012 14:37:20 +0530 Fri, 14 Dec 2012 14:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4302 The Reserve Bank instructs NBFCs that reporting of attempted fraud cases meeting the stated monetary threshold to the central Fraud Monitoring Cell is to be discontinued. NBFCs must continue to place individual attempted-fraud cases meeting the threshold before the Audit Committee of the Board, with reports detailing modus operandi, how the attempt failed or was foiled, remedial measures, and new controls implemented. NBFCs must also prepare an annual consolidated review of such cases as on March 31 each year, covering operational areas affected, effectiveness of remedies, three year trends, and need for further process changes. News - Fri, 14 Dec 2012 14:37:20 +0530 https://www.taxtmi.com/news?id=4302