Bank Cracks Down on Fraud with New Policy

In an effort to combat fraud, [Bank Name] has implemented a new policy and procedure aimed at detecting and preventing fraudulent activities within its organization.

Reporting Suspected Fraud

The policy requires employees who suspect fraud to report it immediately to their line manager or senior auditor. Employees can also choose to report the suspected fraud directly to the Bank’s internal audit division or a member of the management team.

• Failure to report suspected fraud may result in disciplinary action up to and including dismissal.
• Persons who threaten retaliation against those reporting suspected fraud will also be subject to disciplinary action.

Investigation Process

The investigation process will be led by the Head of Internal Audit, who will determine whether external specialists are required to assist with the investigation. The Head of Internal Audit will also conduct an initial investigation to gather factual information and reach a preliminary view on whether further action is required.

• Employees under investigation will be entitled to have a representative present during interviews conducted in connection with the alleged fraud or related dishonest activity.

Procedures for Dealing with Suspected Fraudulent Activities

The policy outlines procedures for dealing with suspected fraudulent activities, including reporting and investigating allegations of fraud. The Bank’s audit committee will review the results of investigations and assess any weaknesses in internal controls that need to be addressed.

• The introduction of this new policy demonstrates our commitment to maintaining a high level of integrity and transparency within our organization.
• We encourage all employees to report any suspected fraud and work together to prevent fraudulent activities from occurring.

Insurance Brokers and Media Inquiries

The Bank’s insurance brokers have been notified and will be involved in the investigation process as necessary. In certain cases, it may also be necessary to involve the Head of General Secretariat Division to deal with media inquiries.

Review and Update

The policy will be reviewed every three years by the audit committee to ensure that it remains effective and up-to-date.

Quote: “The introduction of this new policy demonstrates our commitment to maintaining a high level of integrity and transparency within our organization,” said [Name], CEO of [Bank Name].