Chartered Institute of Bankers to launch Code of Ethics to curtail fraud

As part of efforts to reduce the number of fraud cases perpetuated by employees within the banking industry, the Chartered Institute of Bankers in collaboration with the Bank of Ghana and the Ghana Association of Bankers will soon launch the Ghana Banking Code of Ethics.

According to the latest banking industry fraud report from the Bank of Ghana, out of the total number of 2,295 fraud cases reported in 2019, suppression of cash and deposits accounted for the largest portion, that is 77 percent, with staff of the financial institutions being the lead perpetrators of that type of fraud.

Speaking to Citi Business News on the sidelines of the eleventh graduation ceremony of Chartered Institute of Bankers, President of the Institute, Patricia Sappor said the outfit is dedicated to supporting the reduction of fraud cases within the banking sector and enhance good banking practices.

“We are going to launch the banking code of ethics. The Chartered Institute of Bankers will very soon in collaboration with the Central Bank and the Ghana Association of Bankers. That is one thing. I think that to a very large extent we have very credible people in the banking industry. As part of what we are doing we are trying to reinforce the need for integrity, ensuring good corporate governance and integrity in the banking industry. And so the code of ethics is going to address all that, and I believe that all those found culpable would be sanctioned in one way or the other. So what we are going to do is to reinforce and also educate and create awareness of the importance of ensuring good integrity, having good values wherever you are,” she said.

Earlier this year, the E-crime Bureau also urged the Central Bank along with individual financial institutions to channel more resources into the training of staff to help reduce employee involvement in fraud cases in the banking sector.

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