#The Auditor-General this week warned of “an underlying tone of fraud” at the Post Office Savings Bank, with customers able to deposit and withdraw sums more than 100 times’ greater than legal limits.
#Terrance Bastian, detailing the findings from a more than three-year investigation by his staff, found that the Post Office Savings Bank suffered from “significant internal control weaknesses” relating to the acceptance of deposits and account withdrawals.
#In particular, he zeroed in on how one account holder was able to withdraw more than $923,000 from the Post Office Savings Bank over the 15-months to April 8, 2015, even though the law and ‘Savings Bank Rules’ stipulate that account balances cannot exceed $6,000 in any one year.
#Then there was the “inexplicable” case of another Post Office Savings Bank client who withdrew some $668,553 more than he had deposited over the three years between May 2012 and April 2015, even though the law, again, prohibited credit in excess of $6,000.
#Mr Bastian, in a report tabled in Parliament this week, said this particular client had deposited $613,915 with the Post Office Savings Bank over that three-year period, yet had withdrawn a collective $1.282 million from their five separate accounts.
#“The amount of approximately $669,000 withdrawn from the Post Office Savings Bank by this beneficial owner in excess of deposits held is inexplicable,” the Auditor-General found.
#“This shows a breakdown in management’s oversight in carrying out the mandate of the Post Office Savings Bank and safeguarding customer assets. Based on this discovery, it appears that there is an underlying tone of fraud.”
ohdrap4 says...
By neil hartnell
#Tribune Business Editor
#nhartnell@tribunemedia.net
#The Auditor-General this week warned of “an underlying tone of fraud” at the Post Office Savings Bank, with customers able to deposit and withdraw sums more than 100 times’ greater than legal limits.
#Terrance Bastian, detailing the findings from a more than three-year investigation by his staff, found that the Post Office Savings Bank suffered from “significant internal control weaknesses” relating to the acceptance of deposits and account withdrawals.
#In particular, he zeroed in on how one account holder was able to withdraw more than $923,000 from the Post Office Savings Bank over the 15-months to April 8, 2015, even though the law and ‘Savings Bank Rules’ stipulate that account balances cannot exceed $6,000 in any one year.
#Then there was the “inexplicable” case of another Post Office Savings Bank client who withdrew some $668,553 more than he had deposited over the three years between May 2012 and April 2015, even though the law, again, prohibited credit in excess of $6,000.
#Mr Bastian, in a report tabled in Parliament this week, said this particular client had deposited $613,915 with the Post Office Savings Bank over that three-year period, yet had withdrawn a collective $1.282 million from their five separate accounts.
#“The amount of approximately $669,000 withdrawn from the Post Office Savings Bank by this beneficial owner in excess of deposits held is inexplicable,” the Auditor-General found.
#“This shows a breakdown in management’s oversight in carrying out the mandate of the Post Office Savings Bank and safeguarding customer assets. Based on this discovery, it appears that there is an underlying tone of fraud.”
On Bahamas 'behind 8-ball' on new bank technology
Posted 25 January 2018, 9:55 p.m. Suggest removal
ohdrap4 says...
> Blockquote
Or empower the Post Office savings accounts to expand their banking activities.
Remember that one of its activities were to cash multiple fraudulent copies of the same check?
they do not even have a database to keep track of po box rentals.
On Bahamas 'behind 8-ball' on new bank technology
Posted 25 January 2018, 9:52 p.m. Suggest removal
ohdrap4 says...
if you are bahamian and you are in the family island, you do not pay real property tax there.
both exemptions soon to be ended as per the WTO.
On PM’s rep admits to ‘ludicrous’ tax bills
Posted 25 January 2018, 2:33 p.m. Suggest removal
ohdrap4 says...
it is easier to fly an airplane than to pay NIB.
you need to start a hacking business.
On Hard work to give NIB easy money
Posted 24 January 2018, 10:27 a.m. Suggest removal
ohdrap4 says...
sufficient hot air to run a balloon charter nationwide
On Calls to clamp down on airline hackers
Posted 24 January 2018, 10:24 a.m. Suggest removal
ohdrap4 says...
th punch? bahama press? facebook?
On Crash pilot had no commercial licence
Posted 23 January 2018, 9:33 p.m. Suggest removal
ohdrap4 says...
the central bank does not care.
not even the tribune bloggers care.
On Bank fee protesters take case to the Central Bank
Posted 23 January 2018, 3:19 p.m. Suggest removal
ohdrap4 says...
well do not call him a hacker, because the relatives will come out to say he was a saint.
ergo, this prevents any authority from enforcing anything.
bahamians are used to unqualified people running things at work , at school at church, etc...
On Search for wreckage goes on to find answers over crash
Posted 23 January 2018, 12:11 p.m. Suggest removal
ohdrap4 says...
That is not going to happen.
These stories will always be presented as the poor struggling fella trying to make a living. A saint on earth.
He was doing what he was not qualified to do, and caused many to be killed.
Guess what, the other five who died also had family, struggled to survive and were saints on earth.
The government ought to do better.
On Crash pilot had no commercial licence
Posted 23 January 2018, 11:16 a.m. Suggest removal
ohdrap4 says...
> saying it all boils down to “being
> stylistic more than principle”
There he admitted to having no principle.
> Employer shall employ employee in the
> capacity set forth commencing January
> 7, 2013 and continuing with no fixed
> termination date
Is she the Pope?
On Davis defends three-year deal
Posted 23 January 2018, 10:33 a.m. Suggest removal