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The Bank of Sierra Leone and the Commercial Banks have a policy of ZERO TOLERANCE ON FRAUD MATTER and apply the strictest levels of internal discipline on incidences of fraud across the board,” Crispin Bishop Deigh, the Managing-Director of the Sierra Leone Commercial Bank told Journalists at his office over the weekend.
Mr. Deigh speaking as the newly elected president of the Sierra Leone Association of Commercial Banks said; “unfortunately, fraud within the financial services sector, locally and internationally, is a fact of life, as was seen with the recent events at various levels in the global banking and financial industry in spite of the deployment of appropriate internal controls to mitigate such.”

Recently, the Sierra Leone Police expressed concerns about the level of insider fraud within the financial services sector and warned of the dangers of overlooking these fraud incidents. In his reaction to the police concern Mr. Deigh who heads the biggest commercial bank in Sierra Leone disclosed that commercial banks in the country are leading the way in fraud detection and prosecution through the courts of any act of fraud regardless of the amount involve.
“This shows that the banks in Sierra Leone have moved away from the days of hushing up financial crimes to not only prosecuting them but publicizing them to,” he emphasized, whilst taking questions from journalists.
He cited the setting-up of the “Black Book” by the Bank of Sierra Leone for former bank staff sacked or asked to resign for professional misconduct or fraud.
“With the Black Book now fully operational, this confirms that commercial banks are now operating a comprehensive, robust, multi-faceted with many other checks and layers.
According to Mr. Crispin Deigh, the Bank of Sierra Leone working with the Commercial Banks have put place new defense against insider fraud and to control credit across the country.

http://www.awoko.org/2012/01/23/commercial-banks-set-up-defense-against-fraud/