The State Bank of Vietnam has instructed all banks to improve safety of their money transactions after the Ministry of Public Security issued an international warrant for a fugitive bank executive for allegedly misappropriating nearly 11 million USD from a customer (Photo: vietnamnet.vn) HCM City (VNA) - The State Bank of Vietnam (SBV) has instructed allbanks to improve safety of their money transactions after the Ministry ofPublic Security issued an international warrant for a fugitive bank executivefor allegedly misappropriating nearly 11 million USD from a customer.
In a letter, it said all commercial banks must review and amend their internalregulations if needed to improve safety.
“Banks must ensure all their staff fully understand and implement allregulations and regularly provide them with training.”
The central bank also called on lenders to upgrade their technologies toimprove security and work closely with authorities to provide and receiveinformation related to frauds.
“Education on money transaction should be improved for customers. Oversight androtation of staff are very important.”
It said banks must immediately report to the SBV and other related authoritieswhen they detect a fraud or security violation, it said.
The letter was precipitated by the alleged fraud committed by Le Nguyen Hung,47, former deputy director of the Vietnam Export Import Commercial Bank(Eximbank)’s HCM City branch.
He is suspected of and wanted by the ministry’s investigation police formisappropriating 245 billion VND (11 million USD) from Chu Thi Binh, a customerand seafood entrepreneur in HCM City.
Binh had been making large deposits at the branch since 2007, and her resultantVIP status meant she did not have to personally visit the bank fortransactions.
Between 2013 and 2014 she deposited over 300 billion VND (13.6 million USD) atthe branch.
Hung, who had gained Binh’s trust, visited her house often in connection withher transactions and accounts.
Between 2014 and 2016, taking advantage of the authority he had to deal withsavings accounts and customers, Hung allegedly created fake documents andforged Binh’s signature to withdraw money from multiple accounts belonging toher.
In February last year, Hung suddenly resigned his job and went abroad. When Binhchecked her accounts, she found 245 billion VND missing and reported to theMinistry of Public Security.
Hung had been working for Eximbank since1991 and at the HCM City branch for 10years.
An Eximbank spokesperson said Binh trusted Hung and chose to work directly withhim.
Binh has been asking for her money back but Eximbank said it must await averdict from the courts.
“Once a court decides that Eximbank is responsible for returning the money, wewill do it immediately,” the bank’s CEO, Le Van Quyet, said.
“We really want to resolve this quickly and save ourselves from bad publicity.But without a trial, it will be hard for us to explain to our shareholders.”
It is not clear yet when a trial will be held.-VNA
In a letter, it said all commercial banks must review and amend their internalregulations if needed to improve safety.
“Banks must ensure all their staff fully understand and implement allregulations and regularly provide them with training.”
The central bank also called on lenders to upgrade their technologies toimprove security and work closely with authorities to provide and receiveinformation related to frauds.
“Education on money transaction should be improved for customers. Oversight androtation of staff are very important.”
It said banks must immediately report to the SBV and other related authoritieswhen they detect a fraud or security violation, it said.
The letter was precipitated by the alleged fraud committed by Le Nguyen Hung,47, former deputy director of the Vietnam Export Import Commercial Bank(Eximbank)’s HCM City branch.
He is suspected of and wanted by the ministry’s investigation police formisappropriating 245 billion VND (11 million USD) from Chu Thi Binh, a customerand seafood entrepreneur in HCM City.
Binh had been making large deposits at the branch since 2007, and her resultantVIP status meant she did not have to personally visit the bank fortransactions.
Between 2013 and 2014 she deposited over 300 billion VND (13.6 million USD) atthe branch.
Hung, who had gained Binh’s trust, visited her house often in connection withher transactions and accounts.
Between 2014 and 2016, taking advantage of the authority he had to deal withsavings accounts and customers, Hung allegedly created fake documents andforged Binh’s signature to withdraw money from multiple accounts belonging toher.
In February last year, Hung suddenly resigned his job and went abroad. When Binhchecked her accounts, she found 245 billion VND missing and reported to theMinistry of Public Security.
Hung had been working for Eximbank since1991 and at the HCM City branch for 10years.
An Eximbank spokesperson said Binh trusted Hung and chose to work directly withhim.
Binh has been asking for her money back but Eximbank said it must await averdict from the courts.
“Once a court decides that Eximbank is responsible for returning the money, wewill do it immediately,” the bank’s CEO, Le Van Quyet, said.
“We really want to resolve this quickly and save ourselves from bad publicity.But without a trial, it will be hard for us to explain to our shareholders.”
It is not clear yet when a trial will be held.-VNA
VNA
