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Investigation into Suspicious Activities: A Review of JSCMB “IPOTEKA-BANK”’s Anti-Fraud Policy

A recent investigation by anti-fraud authorities has shed light on the measures taken by JSCMB “IPOTEKA-BANK” to prevent and detect fraudulent activities within its ranks. The bank’s anti-fraud policy, which was reviewed and updated in April 2023, outlines a comprehensive approach to combating fraud and ensuring transparency.

Close Cooperation with Authorities

The bank has established close cooperation with the Central Commission for Discipline (CCD) and the Republic of Uzbekistan’s authorized government authorities on fraud cases. This collaboration enables swift detection and investigation of suspected fraudulent activities.

Internal Controls and Monitoring

To prevent fraud, the bank regularly reviews its internal controls based on analysis and evaluation of previously occurred facts of fraud. Additionally, it monitors:

• Procurement processes
• Purchases made in accordance with the procurement plan
• Goods, works, and services provided to counterparties

Employee Training and Responsibility

The bank ensures that all employees are trained on implementing legislation related to combating corruption and fraud, as well as observing and protecting the rights of counterparties and employees. Employees are also required to:

• Report any suspicions or facts of fraudulent activities

Liability for Committing Fraud

In cases where fraud is confirmed, employees who committed a violation may face disciplinary action, including:

• Reprimand
• Warning
• Termination of employment contracts

Additionally, the bank will send materials to law enforcement authorities to bring perpetrators to criminal liability.

Cooperation in Fraud Risk Management

The bank cooperates with authorized government authorities and counterparties to prevent, detect, suppress, and disclose fraud. This cooperation enables the exchange of information on fraudulent activities and coordination of efforts to combat fraud.

Conclusion

JSCMB “IPOTEKA-BANK”’s anti-fraud policy demonstrates its commitment to preventing and detecting fraudulent activities within its organization. The bank’s close cooperation with authorities, regular internal controls monitoring, employee training, and liability for committing fraud all contribute to a robust approach to combating fraud. As the investigation continues, it remains to be seen whether these measures will be sufficient in preventing future incidents of fraud.