The Chairman of the Association of Banks, Rakesh Ram say banks need to understand the source of money for customers taking into consideration the trafficking of drugs in the country.
While making their submission before the Parliamentary Standing Committee on Economic Affairs on the Fiji Financial Intelligence Unit 2018 Annual Report, Ram says commercial banks need to fully understand customers' profiles.
He says there was an unemployed customer who was bringing large cash deposits to a bank.
Ram says over the months the pattern continued and the customer was still unemployed and couldn't provide details where the money was coming from.
He says this is one of the emerging trends and banks need to carefully profile their customers.
Meanwhile, Ram has revealed that while bank customers are aware of the risks, some customers are sharing their debit/credit cards and pin numbers with others.
He says some customers also don't change their passwords while accessing internet banking.
Ram says customers need to play their part to get rid of fraudulent activities.
Ram says while people know it is unethical, some are still sharing their bank cards and pin numbers. More to follow.
