Table of Contents
What is the purpose of a fraud policy?
The Fraud and Corruption Policy is established to facilitate the development of controls to assist in the enforcement of existing systems, policies and procedures of the Land Bank Group, aimed at deterring, preventing, detecting, reacting to and investigate on the impact of fraud and corruption against the Bank.
What is the main purpose of fraud?
Fraud is an intentionally deceptive action designed to provide the perpetrator with an unlawful gain or to deny a right to a victim. Types of fraud include tax fraud, credit card fraud, wire fraud, securities fraud, and bankruptcy fraud.
What is an anti fraud?
: opposing or intended to discourage or prevent fraud the anti-fraud provisions of the Federal securities laws anti-fraud technology.
Is fraud a serious crime?
Being convicted of fraud by false representation carries a maximum sentence of 10 years in prison and a fine. However, the maximum sentence is only handed out in the most serious of cases. This could lead to a Confiscation Order, whereby you are tasked with repaying any money made by way of fraudulent activity.
What should be included in a fraud prevention policy?
It is a requirement for the Accounting Officer / Authority to publish a fraud prevention policy. This includes a statement that declares the Institution’s commitment to effective fraud risk management. It should explain that all key fraud risks identified are to be managed appropriately. 4. Actions constituting fraud and corruption 5.
Who is responsible for fraud and corruption prevention?
Fraud and corruption prevention like any other risks, is the responsibility of everyone in the Institution. The Accounting Officer / Authority can delegate the ownership of fraud risk management to Business Unit Managers / Line Managers / Division Managers in specific areas of the Institution.
Who is in charge of fraud risk management?
The Accounting Officer / Authority can delegate the ownership of fraud risk management to Business Unit Managers / Line Managers / Division Managers in specific areas of the Institution. However, the Accounting Officer / Authority still remains with the ultimate accountability. 8. Oversight
What does the word induce mean in fraud prevention?
“Induce” includes to persuade, encourage, coerce, intimidate or threaten or cause a person, and “inducement” has a corresponding meaning. Fraud and corruption remain a threat to public trust and confidence, it is therefore essential to recognise fraud prevention as an integral part of strategic management.