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Fraud examiners body comes to Kenya

NAIROBI, September 23 – A body to govern the local fraud examiners’ profession was launched in Nairobi on Tuesday.

The Association of Certified Fraud Examiners (ACFE) Kenya Chapter is intended to help reduce white collar crimes, according to Capital Markets Authority Chief Executive Stella Kilonzo.

“The formation of the ACFE Kenya Chapter will enhance increased awareness on fraud management in the local market as well as provide easier access to fraud management skills,” said Kilonzo.

Initially examinations for CFE certification had to be taken in South Africa.

Kilonzo said one of the ways the Authority accomplishes its mandate of maintaining fair and orderly markets is by requiring securities and market intermediaries to make full and fair disclosure of all material information to enable investors to make informed decisions.CMA has in the past used fraud examiners in securities-related cases.

“Instances where the Authority has used fraud examiners include an insider trading case in relation to a listed company and a case involving failure of a market intermediary,” she said.

CMA is rolling out risk-based supervision which involves continuous monitoring of operations of its licensed market intermediaries and listed firms to assess risk profiles and exposure.

She said CMA was building capacity of its Supervision and Enforcement departments by encouraging employees to obtain CFE certification.

On his part, the Permanent Secretary in the Ministry of Finance Mr Joseph Kinyua said that weaknesses in legal systems and processes continue to pose a major challenge in the war against fraud especially in regard to cross-boarder investigations.

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The launch was also attended by the President of the ACFE International, Mr Jim Ratley, who said that asset misappropriations, corruption and fraudulent statements were types of occupational fraud.

Mr Ratley said that up to six percent of gross revenues of average businesses are lost to fraud.

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