(redirected from Bank Fraud Working Group)
BFWGBorder Facilitation Working Group (US and Mexico)
BFWGBank Fraud Working Group (US DOJ)
BFWGBase Facility Working Group
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The introduction of the concept of criminal referral forms was the result of the efforts of the interagency Bank Fraud Working Group, which has been addressing the problems of combating white collar financial institution crime since 1984.(1) The use of the forms and the attendant reporting procedures, which were jointly developed by the banking and criminal justice agencies participating in the Working Group, enabled financial institutions and the banking agencies to report all instances of suspected criminal activities to the appropriate law enforcement and supervisory authorities.
For its part, the FBI helped create a subgroup of the Interagency Bank Fraud Working Group to focus on computer-related fraud at financial institutions.
11 Robert Bird, Vice President, Bank of America, San Francisco, California, remarks at meeting of the Bank Fraud Working Group subgroup on Check and Credit Card Fraud, Washington, DC, July 19, 1995.
In addition, the Federal Reserve is a founding member and an active participant in the well-regarded interagency Bank Fraud Working Group, which consists of representatives of thirteen federal law enforcement and bank and securities supervisory agencies.
Board staff members believed that the proposed payment of unrealistic rates of return was indicative of a fraudulent scheme and contacted several banks to make sure that legitimate banking organizations were not referring to themselves as "prime banks" or using financial instruments that in any manner referred to "prime banks." Once assured that there was no legitimate use of the term "prime bank" or lawful use of a "prime bank" instrument, we drafted an interagency advisory on "prime bank" schemes and began to work through the Department of Justice's Interagency Bank Fraud Working Group to issue the pronouncement.