In a concerning development, two staff members of Centenary Bank have been charged of fraud. This incident highlights the significance of upholding high ethical standards within the financial sector, as well as the obligation to protect the interests of customers.
The accused individuals identified as Catherine Recknock and Martha Kayendeke are currently undergoing legal proceedings, aiming to uncover the extent of the alleged fraudulent activities.
Meanwhile authorities are committed to ensure a fair and thorough investigation, with the objective of bringing the truth to light and delivering justice.
It’s alleged that Recknock while employed as a banking officer at Centenary bank branch Wobulenzi between November 2022 and March 2023 wrapped Shs 465m.
Still on the same account Kayendeke in February 2023 at the bank’s Wobulenzi branch in Luwero district irregularly approved withdrawals summing up to Shs 221m.
Such scenarios involving financial misconduct serve as powerful reminders of the necessity for robust internal control systems and stringent adherence to professional ethics within banking institutions.
It is essential that individuals responsible for handling customers’ funds maintain the highest levels of integrity to preserve public trust in the financial sector.
The prosecution alleges that Kayendeke approved withdrawals from a client’s inactive bank account without proper procedures for approving such withdrawals.
Centenary Bank, in response to this incident, has reiterated its commitment to accountability and has vowed to cooperate fully with the ongoing investigation.
The banking institution has acknowledged the seriousness of the charges and is taking appropriate measures to prevent future occurrences of similar nature.
Meanwhile cases like this emphasize the importance of continuous monitoring and evaluation of internal processes within financial institutions.
As per section 20(1) of the Anti corruption Act , a person convicted of causing financial loss is liable to a fine not exceeding Shs 4.8m , a term of imprisonment not exceeding 14 years ,or both.
The offence of conspiracy to defraud under section 309 of the penal code carries five years imprisonment upon conviction.
The charging of a Centenary Bank employee with fraud serves as a reminder of the need for unwavering integrity and transparency within the financial sector.
Meanwhile as investigations unfold and legal proceedings progress, it is crucial for authorities and banking institutions to work together to address any breaches of trust and protect the interests of customers.