Regulatory Alerts2014-04-25
Added · Updated
Fraud Monitoring Directives No. SBB/59/2014
The National Bank of Ethiopia requires all banks operating in Ethiopia to establish fraud monitoring policies approved by their boards and maintain a detailed fraud register. Banks must report actual or attempted fraud to the regulator within 15 working days of detection and submit quarterly progress reports on outstanding cases within four weeks of the quarter's end. Internal auditors are mandated to assess fraud cases at least once per quarter and report findings to the board of directors. These directives entered into force on January 1, 2015.
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