Demystifying Advisory Board on Banking and Financial Frauds (ABBFF)

ABBFF's Primary Role

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In-Depth Fraud Analysis

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Policy Recommendations

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Composition

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Tenure

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Mandatory Referrals

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Notable Omission

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Demystifying Advisory Board on Banking and Financial Frauds (ABBFF)

ABBFF's Primary Role

It serves as the initial examining body for bank fraud cases, before they reach investigative agencies.

In-Depth Fraud Analysis

It can conduct regular fraud analysis within the financial system & offers insights into such activities.

Policy Recommendations

Recommends policy for fraud prevention and management to regulatory bodies such as RBI.

Composition

It comprises a chairman and four members, each contributing expertise to fraud-related matters.

Tenure

The Chairman and Members hold their positions for a two-year tenure.Fill in some text

Mandatory Referrals

Financial institutions must refer fraud cases exceeding Rs. 3 crores to ABBFF before investigations.

Notable Omission

It operates without a "sunset clause," allowing actions against bankers for credit without time limit.