The Financial Intelligence Unit (FIU) is reporting an increase in loan fraud by “organised criminal gangs” with the involvement of bank employees. In its 15th annual report for 2023-2024, the FIU stated: “Increased Suspicious Transaction/Activity Reports (STRs/SARs) wherein business customers (employers) indirectly benefitted from loans granted to their ‘employees’. These ‘employees’ utilised fictitious employment documentation showing an inflated income which influenced the financial institution’s lending decision.”
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