Regulatory Alerts2003-01-01
Warning Against Infiltration of West African Organised Crime Cells into Banks in the United States and Europe
The Registrar of Banks has issued a circular warning financial institutions about West African organized crime cells infiltrating banks in the United States and Europe to commit fraud through staff placement and fake websites. Banking institutions are required to exercise heightened caution during the recruitment of temporary and permanent staff, implement robust operational risk management practices, and report any suspected fraudulent banking websites to the Office. Inadequate management of these operational risks may trigger explicit capital charges under the New Basel Capital Accord, making sound risk controls essential for regulatory compliance and financial security.
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