Curbing Employee Fraud and Corruption in Financial Institutions With an Effective Know Your Employee Program

Abstract

This paper recommends that a pre-employment background screening process should be established by all financial institutions that, at a minimum, uncovers information regarding a job applicant’s convictions and program entries to ensure that only appropriate persons are employed. This measure will help curb employee fraud and corruption.

This paper also recommends an on-going approach to screening for specific positions, as circumstances change, or for a comprehensive review of departmental staff over a period of time.

Keywords: Employee Fraud, Employee Corruption, Know Your Employee