Regulatory Alerts2023-04-25
Added · Updated
Fraud Monitoring Directives No. MFI/26/2014
Microfinance institutions must establish fraud monitoring and control policies approved by the Board, maintain a detailed fraud register, and provide anti-fraud training to employees and directors. These institutions are required to report any actual or attempted fraud to the National Bank within 15 working days of detection using Annex I, and submit quarterly progress reports on outstanding cases using Annex II within four weeks of the quarter's end. Internal auditors must assess fraud cases at least quarterly and report findings to the board of directors. The directives enter into force on December 1, 2014.
More like this from NBE
We email you every new NBE publication the day it's published.
Topics
Share