Advisory Board on Banking and Financial Frauds

Advisory Board on Banking and Financial Frauds

News: The Central Vigilance Commission(CVC) has reconstituted the advisory board on Banking and Financial Frauds (ABBFF).

What is ABBFF?
• It is constituted by Central Vigilance Commission (CVC) and it conducts the first level examination of bank frauds before recommendations or references are made to investigative agencies such as the Central Bureau of Investigation (CBI).
• It consists of the Chairman and four other members and the tenure of the Chairman/ Members would be for two years.
• HQ – New Delhi

What is the function of board?
• To examine the role of officials/ wholetime directors (including ex-officials/ ex-wholetime directors) in public sector banks, public sector
insurance companies; and public sector financial institutions in case of frauds amounting to 3 crore and above.
• To periodically carry out frauds analysis in the financial system and give inputs, if any, for policy formulation related to the frauds, to RBI and CVC.
• CVC or CBI may also refer any case/technical matter to the ABBFF for its advice.
• To provide advice within a month of receiving initial references from the Ministry, Department, CVC, or investigative agencies.