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11.4 Fraud Reporting

N 35/2018 STA
  1. 11.4.1All fraud incidents must immediately be reported to:
    1. a)the police authorities for investigation;
    2. b)the FID via the STR system in the form of a fraud report; and
    3. c)the Banking Supervision Department by using the “Fraud Incident Reporting (FIR) Form” (Refer to Appendix 5 for FIR Form) if the amount of loss is equal to or above AED 100,000.
  2. 11.4.2Fraud incidents must be reported to the Board of Directors (or to the Owner/Partners where there is no Board of Directors) immediately when the amount of loss is equal to or above AED 50,000. A summary of other fraud incidents must be sent to the Board of Directors (or to the Owner/Partners where there is no Board of Directors) on a monthly basis, at a minimum.