Members of the Judiciary and the Association of Bankers (UBA) have met to draw strategies on taming economic crimes.
At a meeting held in Mbarara last week, it was noted that as the banking industry is witnessing significant transformation globally, especially on the technological front, the risk profiles of business have also greatly changed. And therefore, there is need to contain the risks associated with these developments to safeguard the integrity of the banking sector.
Principal Judge Yorokamu Bamwine said: “The Uganda Bankers Association and the national banks at individual levels have made efforts to fight and minimise fraud from the industry but you will discover in the course of time that electronic fraudsters are not ordinary folks, they are intelligent and at times sophiscated people. As we strategise to disarm them, they are now somewhere planning the next move.”
He challenged the bankers to improve the risk management tools if they are to outsmart fraudsters.
Bank of Uganda Governor Emmanuel Mutebile, in a speech read for him by the executive director in charge of bank supervision, Ms Justine Bagyenda, said the increasing integration of the banking sector into the global financial markets, through cross border banking and capital flows, has heightened exposures to the new sources of risk.
He said the advanced nature of risks calls for unique skills in systems to support investigations and curb electronic fraud. Read more
At a meeting held in Mbarara last week, it was noted that as the banking industry is witnessing significant transformation globally, especially on the technological front, the risk profiles of business have also greatly changed. And therefore, there is need to contain the risks associated with these developments to safeguard the integrity of the banking sector.
Principal Judge Yorokamu Bamwine said: “The Uganda Bankers Association and the national banks at individual levels have made efforts to fight and minimise fraud from the industry but you will discover in the course of time that electronic fraudsters are not ordinary folks, they are intelligent and at times sophiscated people. As we strategise to disarm them, they are now somewhere planning the next move.”
He challenged the bankers to improve the risk management tools if they are to outsmart fraudsters.
Bank of Uganda Governor Emmanuel Mutebile, in a speech read for him by the executive director in charge of bank supervision, Ms Justine Bagyenda, said the increasing integration of the banking sector into the global financial markets, through cross border banking and capital flows, has heightened exposures to the new sources of risk.
He said the advanced nature of risks calls for unique skills in systems to support investigations and curb electronic fraud. Read more
No comments:
Post a Comment