When ‘Ameen’ Turns into a Thief: A Case of Weak Internal Controls in a Commercial Bank

Ali Abdullah (), Shafiullah Jan and Adnan Malik
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Ali Abdullah: Institute of Management Sciences, Peshawar.
Shafiullah Jan: Institute of Management Sciences, Peshawar
Adnan Malik: Institute of Management Sciences, Peshawar

Business & Economic Review, 2018, vol. 10, issue 2, 55-64

Abstract: This study gives an overview of different operational activities taking place at a bank’s branch at any given time. Along with the activities, it also highlights the weaknesses underlying in the system being followed. It gives us the idea of how things could turnaround when an “Ameen turned into a thief”. The study discusses the glitches related to Know Your Customer (KYC) policies, staff transfers, password sharing, issuance requests and delivery of chequebooks and debit cards, undelivered statements of accounts and letter of thanks. This study also describes how people can misuse their being a member of a particular gender or class and the respect and attention they enjoy due to the associated cultural values and norms; in a negative manner and take undue advantage of it. This study revolves around the issuance of debit card in one of the accounts and a chequebook in another account and how they were misused to make unauthorized withdrawals from the accounts. The roles of different staff members involved are thoroughly discussed.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:bec:imsber:v:10:y:2018:i:2:p:55-64

DOI: 10.22547/BER/10.2.3

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