Training: Financial Transactions & Fraud Schemes May 2022

In the highly evolving financial environment, fraud causes a lot of losses to financial institutions. It is important for people who work in the financial industry to be familiar with basic accounting and auditing theory, fraud schemes and how these are performed, especially in terms of fraudulent financial transactions incurred in accounting records, as well as internal controls used to prevent fraud.

The course refers to the CBC’s Directive to Credit Institutions on Governance and Management arrangements in Credit Institutions and the 87(Ι)/2017 Law, which provides for the provision of Investment services, the exercise of investment activities, the operation of regulated markets and other related matters, state that the management body must ensure the integrity of the accounting and financial reporting systems, including financial and operational controls and compliance with the law and relevant standards.

Moreover, the course examines general accounting concepts and describes hundreds of the most common employee defalcation schemes, including financial statement fraud, asset misappropriation, bribery and corruption schemes. The course also highlights industry-specific fraud including healthcare fraud, financial institution fraud, insurance fraud, securities fraud, consumer fraud and many more.

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