on Wednesday, the FRC, which is supposed to investigate accounts that are usually flagged by banks, was at first cagey on the issue. Later, he said that CBK is yet to file the banks’ compliance reports for 2017 and was willing to share the previous years’ reports. He explained that it is currently too early to tell whether the banks were complicit in facilitating the fraudulent transfer of NYS funds. He said: “All banks filed their compliance reports with us by the January 31 deadline. We then raise an FRC report and what they do with it is their business,” said the banker who sought anonymity.

Source: Daily Nation May 30, 2018 21:45 UTC