SBV tells banks to up security after $11m fraudThe State Bank of Viet Nam has instructed all banks to improve safety of their money transactions after the Ministry of Public Security issued an international warrant for a fugitive bank executive for allegedly misappropriating nearly US$11 million from a customer. Oversight and rotation of staff are very important.”It said banks must immediately report to the SBV and other related authorities when they detect a fraud or security violation, it said. When Bình checked her accounts, she found VNĐ245 billion missing and reported to the Ministry of Public Security. Bình has been asking for her money back but Eximbank said it must await a verdict from the courts. “Once a court decides that Eximbank is responsible for returning the money, we will do it immediately,” the bank’s CEO, Le Van Quyet, said.

Source: VietNamNet News February 27, 2018 04:41 UTC