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AUC Speaks on Attempted Fraud on African Union Bank Accounts

AUC Speaks on Attempted Fraud on African Union Bank Accounts
Source: AU

On Tuesday, the African Union Commission (AUC) released a statement following the attempted fraud activities to unlawfully withdraw funds from African Union Bank accounts at its headquarters in Addis Ababa, Ethiopia.

According to the AUC, the incident occurred on April 15, 2024, during a series of attempts to submit Payment Transfer Orders to the Commercial Bank of Ethiopia at its Branch within the African Union Headquarters in Addis Ababa.

The Payment Transfer Orders were submitted by an individual who is not an employee of the African Union. These orders designated substantial funds to various recipients under the premise of construction and water drilling works, amounting to over US Dollars 6 million, the statement reads partly.

However, the documents were identified as forged after a meticulous inspection of the documents by the Finance Directorate of the African Union Commission.

This discovery prompted immediate and decisive action to apprehend the perpetrator, who is now being held by relevant security authorities of the Federal Democratic Republic of Ethiopia for investigation.

The AU has stated that it is treating the matter with the utmost seriousness, underscoring its commitment to the security of its financial operations. It has also called for a thorough review of potential vulnerabilities in the security measures in the Commercial Bank of Ethiopia.

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