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National Banking Institute has successfully organized one-day National Conference on Financial Fraud on March 11, 2015 in Kathmandu for financial institutions of Nepal focusing on Financial and IT related frauds and crimes.
The Conference was inaugurated by Dr. Yuba Raj Khatiwada, Governor, Nepal Rastra Bank. Inaugurating the event, he highlighted that financial crimes in the country have been increasing day by day. In order to control such crimes, Board of Directors, Management and the concerned authorities must always remain alert. Likewise, internal control and internal audit units of institutions must be strengthened. Apart from that, external auditors should also work professionally to make proper check and balance in the institutions. He expressed his belief that this conference would certainly add value in generating awareness among the stakeholders about financial fraud and crimes.
Welcoming the delegates and participants, Mr. Sashin Joshi, Chairman of National Banking Institutes (NBI) highlighted various incidents on financial frauds and crimes happening in the world referring to the various sources and data. The largest number of frauds and crimes occurs in the financial sector followed by real estate property sector. In order to create awareness in this area, NBI has been conducting various training programs to other concerned sectors also such as Central Investigation Bureau, Nepal Police and Office of the Attorney General, etc. from time to time.
In the program, Mr. Sanjib Subba, Chief Executive Officer, NBI, mentioned that the most difficult part is how and where to begin investigation when financial crime and fraud occurs. Training in this area is highly required for mitigating risk from such crimes. He further mentioned that NBI is coming with new programs in near future e.g. Banking Certification Course and Directors Certification Course, which will be much beneficial in the financial sector of the country.
The conference was facilitated by the international experts Mr. Sangeet Shukla, Senior Advisor – Risk Management, Indian Banks' Association, Executive Vice Chairman & Former Chief Executive Officer, SBI Global Factors Ltd., Ms. Theresa Karunakaran Advisor – Compliance, Axis Bank, Former General Manager, RBI, Mr. Sandeep Mehra, Senior Investigator & Chief of Vigilance, The Royal Bank of Scotland Group, Former CBI Officer (He has been awarded Prime Minister's Gold Medal for Best Investigation Officer – 2007) and Mr. Shirish Pathak, CEO of Fintelekt.
The conference was followed by a panel discussion comprising Mr. Laxmi Prapanna Niraula, Acting Executive Director, Nepal Rastra Bank, Mr. Hemanta Malla, Deputy Inspector General, Central Investigation Bureau and Mr. Parashuram K. Chhetri, Banking Expert addressing various kinds of financial frauds and crimes.