President of the Ghana Institute of Bankers has revealed plans to launch the Ghana Banking of Code of Ethics.
The ethics code document is expected curb fraud-related cases within the banking sector which is often committed by banking and financial sector employees.
Speaking in an interview with GhanaWeb at the 24th National Banking Conference in Accra, Mrs Sappor explained, “The Ghana Banking of Code of Ethics is a collaboration between Bank of Ghana, the Ghana Association of Bankers and the Chartered Institute of Bankers coming together with the endorsement of the government under ACT 991 to further reinforce confidence in the banking sector by way of ensuring ethical behaviour by all staff members in the banking sector”.
She added that the Ghana Banking Code of Ethics will also boost risk management practices in the banking sector.
Patricia Sappor said with the emergence of the coronavirus pandemic, many banks have had to innovate and implement technology into their operations.
“As banks have virtually migrated to digital activity in their operations and platforms it is therefore vital that Cybersecurity is critically necessary for their operations and we at the [Chartered Institute of Bankers fully endorse the Cybersecurity regulation.”
Meanwhile, the Bank of Ghana has expressed worry over the rising incidence of fraud committed by banks’ staff.
In its 2019 Banking Industry Fraud Report, the central bank stated that while the overall number of fraud cases went up marginally, those committed by banks’ staff remained dominant.
The report said the total number of cases reported was 2,295, with 1,667 of them committed by banks’ staff, either permanently employed or on contract.
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