Chartered Accountants To Help Fight Bank Fraud; Yes Bank Hires CAs To Keep Vigilant Eye On Transactions

Yes Bank has announced that it is hiring Chartered Accountants (CA) to safeguard itself from bank frauds, Tax Scan has reported.

As per the report, in light of the increasing cases of bank frauds which reached infamy following the uncovering of Nirav Modi’s alleged defrauding of PNB to the tune of Rs 13,000 crore, the bank is seeking a helping hand from CAs.

These CAs would be required to create scenarios, alerts and parameters as part of anti-money laundering monitoring processes put in place by the bank. This process monitors various financial transactions to ensure that they happen under the rule of law.

“The review of trade-based money laundering alerts for identification of any suspicious activity and engagement with business, product, operations to establish potential TBML (trade-based money laundering) activity”, Yes Bank describing the role of the CAs.

The CAs would also have to file Suspicious Transaction Reports (STR) with the Financial Investigation Unit after it encounters suspicious cases.