Ways to combat fraud at financial institutions

By Shardul Thacker, Mulla & Mulla & Craigie Blunt & Caroe
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Banks and financial institutions are required to take the initiative for timely and complete disclosure of fraud to the Reserve Bank of India (RBI). Banks are also required to adopt a regular chain of reporting system for frauds.

Banks may, with the approval of their board of directors, frame internal policy for the fraud risk management and fraud investigation function, based on the governance standards relating to the ownership of the function and accountability for malfunctioning of the fraud risk management process in their banks.

Shardul Thacker Partner Mulla & Mulla & Craigie Blunt & Caroe
Shardul Thacker
Partner
Mulla & Mulla & Craigie Blunt & Caroe

RBI has observed that banks sometimes detect frauds long after their perpetration. Some fraud reports are submitted to RBI with considerable delay and without complete information. On occasion, RBI has learned about large frauds through reports in the press and financial journals.

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Shardul Thacker is a partner at Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.

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Mulla House

51, Mahatma Gandhi Road, Flora Fountain

Mumbai 400 001, INDIA

Tel: +91 22 2262 3191 / +91 22 6634 5496

Fax: +91 22 6634 5497

Email: shardul.thacker@mullaandmulla.com

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