What is a banking offense in relation to economic crime?

Enumerate four (4)

types of banking offense. Explain how each is committed.

In the context of economic crimes, a banking offense is a violation of banking-

specific rules and regulations. It refers to a variety of criminal behaviors involving
banks, financial organizations, or individuals in the banking industry. These
transgressions can have serious consequences for the financial system's and the
economy's overall stability. Examples are the following:

(1) Fraud - this covers operations such as bank fraud, in which individuals or entities
defraud banks or customers in order to obtain illegitimate financial gains. False loan
applications, check or credit card fraud, identity theft, or embezzlement are all
possibilities.

(2) Money Laundering – refers to the process of concealing the source of unlawfully
obtained funds in order for them to appear genuine. Banks may be complicit in
money laundering by processing transactions related to illicit operations, whether
deliberately or unknowingly.

(3) Bribery and Corruption – these are examples of banking offenses in which
individuals in the banking sector receive or provide bribes in order to influence
financial decisions, gain preferential treatment, or secure illicit profits.

(4) Unauthorized Trading - refers to trading activity carried out by bank personnel or
traders without proper authorization or in violation of internal policies. It can result in
severe financial losses for institutions and their customers.