Trinidad Express / When one goes to a commercial bank with a request to purchase foreign currency, even a few hundred dollars, documentation is required to prove that the recipient is entitled to the funds. Yet the Tourism Division in Tobago was able to send millions abroad to a beneficiary with whom it apparently had no business connection.

A transaction of this size requires careful investigation and the lack thereof points to the bank’s poor internal controls despite its enterprise risk management system. All large transactions ought to be vetted by the head office and verified with the client.


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