Friday, July 8, 2016

2 Things to Know About how fraud examiner can use safe deposit box regulations to detect Fraud

How to use safe deposit box regulations?

 deposit box regulations
Requested bank records and the information they provide could include safe deposit box regulations.The relationship between banks and their customers is confidential. But, generally, information from banks can be obtained only by subpoena.
While investigating financial records, the fraud examiner can review the safe deposit box regulations. Safe deposit box regulations are private vault spaces rented by banks to customers. Banks keep no record of safe deposit box regulations and rarely know what the boxes contain, but generally, banks maintain the following related records:
  • Rental contract records;
  • Access records and entry logs.
A deposit box's rental contract records, however, identify the renters, the person or people who have access to the boxes, their signatures, and the dates of the original agreements and later renewals. Safe deposit box regulations also might contain other identifying information, including the name of the initiating bank officer. The officer’s name could be significant if the subject (who might have used an alias in renting the box) must be identified.
Records showing access to the boxes vary from bank to bank. But generally, safe deposit box regulations contain the signatures of the people entering the boxes and usually the dates and times of entry. The entry records are filed in box-number order. The frequency of entry and the times and dates of entries might be significant and might correspond to the times and dates of deposits, withdrawals from other accounts, or the purchases and sales of securities or property, and in other situations. Of course, proper authorisation must be obtained before the bank will turn over any such records.

Abdo Mounir

About Abdo Mounir -

Senior Manager and fraud examiner in mining industry. Head the investigations related to fraud. My role includes driving the culture of integrity And ethics within the Company by conducting regular fraud investigations.

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