BoC cracks down on fraud

In the wake of 16 new cases of fraud at the Bank of China involving US$3.6m, the country's largest foreign exchange lender said yesterday it plans to take new measures including posting its branch managers to different branches every three years to stem further fraud scandals, state media reported. Among other measures: when managers take their annual holidays, specially appointed supervisors will audit internal management; the human resources and financial accounting functions at county-level branches will escalate to the upper management levels.