DBN strengthens fraud reporting mechanisms
11 May 2018 15:00pm
WINDHOEK, 11 MAY (NAMPA) The Development Bank of Namibia (DBN) has outsourced its reporting channels to local auditors, Deloitte, to strengthen its fraud reporting mechanisms and protect whistle-blowers.
DBN Manager for Corporate Communications, Jerome Mutumba said in a media statement issued Friday the new system would ensure that whistle-blowers who believe the banks resources are being misused, could report such anonymously in a neutral environment.
Not only is fraud reporting expected to expose attempted fraud, but it will also deter it by creating an environment that is hostile to abuse, Mutumba said.
He added that the bank adopted the new mechanism in line with the new Whistleblowers Protection Act of 2017, which provides for procedures for making disclosures of improper conduct and the protection of whistle-blowers.
This was done after the bank became aware of the global phenomenon that whistle-blowers are wary of making reports for fear of victimisation.
He indicated that the bank was alert to fraud which includes corruption that in turn consists of bribery, conflict of interest and economic extortion; asset misappropriation which consists of theft or misuse of assets; and statement fraud when a borrower or potential borrower understates or overstates assets in order to present a false appearance.