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DIV WARRANT FRAUD.slide.ppt

  1. 1. A PRESENTATION CONVERSION OF DIVIDEND WARRANT
  2. 2. DEFINATION Dividend is cash paid by companies to their shareholders out of their profit in a given financial year. Warrant is the instrument, in form of a cheque, used by Registrars to pay the dividend to shareholders When shareholder’s dividend payment details are printed on a warrant, the warrant becomes a dividend warrants
  3. 3. DEFINATION - CONT  Fraud is define as deliberate, trickery or cheating with intend to gain an advantage. It is also an act or instance of deception.  Areas where fraudulent activities are prevalent in share registration are i. Dividend Payment ii. Share certificates iii. Change of Addresses etc
  4. 4. DIVIDEND PAYMENT PROCEDURE • Board resolution approves the payment of dividend and AGM for ratification of the resolution • Blank dividend warrants are ordered from the security printer. Encoded with details of the paying bank • Account is open with the bank for the purpose of the dividend payment • Money is received from the Company Secretary and lodged into the dividend account.
  5. 5. DIVIDEND PAYMENT PROCEDURE - CONT Dividend warrants are printed and sorted into big and small value Small value dividend warrants are posted by ordinary mail Big value warrants are posted by registered mail or by courier
  6. 6. Account Opening – Fraudsters usually open bank account with dividend warrants with the purpose of encashing same. Through third party account payment. Customers should not be allowed to pay into their accounts dividends that are not in their names or having the same surname High-jacking – Dividend warrants can be stolen from the post by friends, relation and others and paid into bank accounts FRAUD RELATED TO DIVIDEND PAYMENT
  7. 7. FRAUD RELATED TO DIVIDEND PAYMENT – CONT. Cloning of dividend warrants - dividend warrants can be cloned by fraudster for the purpose of defrauding Registrars Forging of dividend warrant- here forged dividend warrants are presented for payment
  8. 8. Account Opening – due diligent should be taking when opening account, either current, call or savings. Accounts should not be open with dividend warrant. Where dividend is paid into a newly open account, withdrawal of the proceed should not be allowed until after 6 months. Prevention of third party payment especially from customers that are not well known to the bank CONTROL
  9. 9.  Bank staff should understand the fixtures of a dividend warrant  There should be effective communication between the bank and the Registrars  Control of the postages of dividend warrants through accredited agencies CONTROL - CONT
  10. 10. CONCLUSION In conclusion bank staff should be careful when accepting dividend warrant from their customer especially dividend with N50,000.00 and above. Where they are in doubt about the genuineness of the dividend warrant they should get in touch with the Registrars
  11. 11. • THANK YOU

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