https://www.taxtmi.com/news?id=21664 A Framework for timely detection, reporting and investigation mandates banks to examine all NPA accounts above the specified threshold for possible fraud, present findings to internal review committees, initiate examination for wilful default on reporting to the central bank, and seek intelligence bureau reports where appropriate; complementary measures include passport verification of promoters/directors, publication of wilful defaulter photographs under board policy, rotational transfers of officials, empowerment to request Look Out Circulars, creation of a Central Fraud Registry, straight-through processing between core banking and messaging systems, establishment of the National Financial Reporting Authority, and enactment of the Fugitive Economic Offenders Act, 2018 for attachment and confiscation of fugitive assets. en-us Wed, 10 Jul 2019 09:54:29 +0530 Wed, 10 Jul 2019 09:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=21664 A Framework for timely detection, reporting and investigation mandates banks to examine all NPA accounts above the specified threshold for possible fraud, present findings to internal review committees, initiate examination for wilful default on reporting to the central bank, and seek intelligence bureau reports where appropriate; complementary measures include passport verification of promoters/directors, publication of wilful defaulter photographs under board policy, rotational transfers of officials, empowerment to request Look Out Circulars, creation of a Central Fraud Registry, straight-through processing between core banking and messaging systems, establishment of the National Financial Reporting Authority, and enactment of the Fugitive Economic Offenders Act, 2018 for attachment and confiscation of fugitive assets. News - Wed, 10 Jul 2019 09:54:29 +0530 https://www.taxtmi.com/news?id=21664