Frauds in the Banking Sector: Causes, Concerns and Cures (Inaugural address by Dr. K. C. Chakrabarty , Deputy Governor, Reserve Bank of India on July 26, 2013 during the National Conference on Financial Fraud organized by ASSOCHAM at New Delhi) https://www.taxtmi.com/news?id=11434 The address identifies three main fraud categories-technology related, KYC related and advances related-and notes technology frauds predominate by number while advances frauds cause most monetary loss. It links large advances frauds to deficient appraisal, poor post disbursement supervision, multiple financing and collusion with professionals, and urges prompt information exchange among lenders, regular legal audits of securities, clearer fraud definitions for loan accounts, enhanced IT and transaction controls, CEO and Board ownership of fraud management, fair staff accountability and consideration of a centralized fraud registry. en-us Tue, 30 Jul 2013 10:11:30 +0530 Tue, 30 Jul 2013 10:12:00 +0530 TaxTMI RSS Generator Frauds in the Banking Sector: Causes, Concerns and Cures (Inaugural address by Dr. K. C. Chakrabarty , Deputy Governor, Reserve Bank of India on July 26, 2013 during the National Conference on Financial Fraud organized by ASSOCHAM at New Delhi) https://www.taxtmi.com/news?id=11434 The address identifies three main fraud categories-technology related, KYC related and advances related-and notes technology frauds predominate by number while advances frauds cause most monetary loss. It links large advances frauds to deficient appraisal, poor post disbursement supervision, multiple financing and collusion with professionals, and urges prompt information exchange among lenders, regular legal audits of securities, clearer fraud definitions for loan accounts, enhanced IT and transaction controls, CEO and Board ownership of fraud management, fair staff accountability and consideration of a centralized fraud registry. News - Tue, 30 Jul 2013 10:11:30 +0530 https://www.taxtmi.com/news?id=11434