Internal Fraud definition

Internal Fraud means dishonest or fraudulent acts committed by an Employee whether acting alone or in collusion with any other natural person(s), with the intent to cause the Insured to sustain such a Loss or to obtain an improper financial gain for the Employee or for any other natural person(s) acting in collusion with such Employee. With regards to any Credit Arrangement or Trading, Internal Fraud shall only mean dishonest or fraudulent acts committed by an Employee whether acting alone or in collusion with any natural person(s), with the intent to cause the Insured to sustain a Loss and which results in improper financial gain for the Employee. In this case, the Insurer’s liability shall be limited to that amount of any Loss consisting of such improper financial gain.
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Internal Fraud means irregularities related to the operations of the BUS and significantly affect the financial conditions of the BUS.
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Internal Fraud is defined as fraudulent activity that occurs with the active and knowing participation of a Provider employee. In the event Internal Fraud is suspected or detected, AWS and Provider agree to the following process:
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Examples of Internal Fraud in a sentence

  • BAC classifies operational losses using the Basel II categories and definitions: Internal Fraud; External Fraud; Employment Practices and Workplace Safety; Clients, Products, and Business Practices; Damage to Physical Assets; Business Disruption and System Failures; and Execution, Delivery, and Process Management.BANA India manages the operational risks of its business activities using the enterprise-wide Operational Risk Framework.

  • BAC classifies operational losses using the Basel II categories and definitions: Internal Fraud; External Fraud; Employment Practices and Workplace Safety; Clients, Products, and Business Practices; Damage to Physical Assets; Business Disruption and System Failures; and Execution, Delivery, and Process Management.

  • ANAO Report No. 16 2000-2001 Australian Taxation Office – Internal Fraud Control Arrangements, Canberra, 29 November.

  • The ICO will develop a risk management strategy and manage risks, including fraud, in accordance with the rules in Managing Public Money, Management of Risk: Principles and Concepts, and Tackling Internal Fraud.

  • The temporary resource of 10 full time equivalents (FTEs) in the Internal Fraud Team to refocus on dealing with all forms of housing fraud.

  • As per Basel guidelines, Operational Risk Events are classified into the following standard levels (Level I) - Internal Fraud, External Fraud, Employment Practices and Work Place Safety, Clients Products and Business Practices, Damages to physical assets, Business disruption and system failures and Execution Delivery and Process Management.

  • The framework categorizes fraud into a) Internal Fraud, b) Policyholder Fraud and Claims Fraud c) Intermediary Fraud, as per IRDAI definition.

  • Risk control owners have responsibility for the control of operational risk arising from the management of the following activities: External Rules & Regulations, Liability, Legal Enforceability, Damage or Loss of Physical Assets, Safety & Security, Internal Fraud or Dishonesty, External Fraud, Information Security, Processing Failure, and Model.

  • ANAO Report No.16 2000-2001, Australian Taxation Office Internal Fraud Control Arrangements, Canberra 29 November, pp.

  • The Credit Union’s Internal Fraud Policy is established to facilitate the development of controls that will aid in the detection and prevent of fraud against XXXX Credit Union.

Related to Internal Fraud

  • Internal Purposes means distribution of packages to Licensee’s own systems and employees.

  • Internal dose means that portion of the dose equivalent received from radioactive material taken into the body.

  • Internal Use means use of the Sprinklr Services for Customer’s and/or Customer Affiliates’ general business use, solely for the benefit of Customer and/or Customer Affiliates, but does not include use of the Sprinklr Services to provide any services for the benefit of third parties.

  • internal waters means any navigable river or waterway within the State of California.

  • External dose means that portion of the dose equivalent received from any source of radiation outside the body.

  • Internal appeal means an internal appeal to the relevant authority in terms of section 74;

  • Internal Controls for districts means processes designed and im- plemented by districts to provide reasonable assurance regarding the achievement of objectives in the following categories:

  • Internal Market Buyer means a Market Buyer making purchases of energy from the PJM Interchange Energy Market for ultimate consumption by end-users inside the PJM Region that are served by Network Transmission Service.

  • external borders means external borders as defined in point 2 of Article 2 of Regulation (EU) 2016/399;

  • Internal control means a set of systems to ensure that financial and other records are reliable and complete and which ensure adherence to the entity's management policies, the orderly and efficient conduct of the entity, and the proper recording and safeguarding of assets and resources;

  • Internal Systems means the internal systems of the Company that are used in its business or operations, including, computer hardware systems, software applications and embedded systems.

  • Internal Procedures means in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent’s internal procedures customary at such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent, it being understood that neither preparation and issuance shall constitute part of such procedures for any purpose of this definition;

  • Internal floating roof means a cover or roof in a fixed-roof tank that rests upon or is floated upon, the liquid being contained, and is equipped with a closure seal or seals to close the space between the roof edge and the tank shell.

  • external company means a foreign company that is carrying on business, or non-profit activities, as the case may be, within the Republic, subject to section 23(2);

  • External Account is your account at another financial institution (i) to which you are transferring funds from your Eligible Transaction Account; or (ii) from which you are transferring funds to your Eligible Transaction Account.

  • Internal Costs means the costs associated with each Council providing internal Council resources in relation to the City Deal which includes but is not limited to:

  • Internal Reorganization has the meaning set forth in the Separation Agreement.

  • Internal Auditor means the person employed or engaged by the Corporation to perform the internal audit function of the Corporation;

  • Internal Distribution has the meaning set forth in the recitals.

  • Internal audit means an independent appraisal activity established within a state agency as a control system to examine and evaluate the adequacy and effectiveness of other internal control systems within the agency.

  • External User means a user of an Online Service that is not an employee, onsite contractor, or onsite agent of Customer or its Affiliates.

  • Internal combustion engine or ‘engine’ means an energy converter, other than a gas turbine, designed to transform chemical energy (input) into mechanical energy (output) with an internal combustion process; it includes, where they have been installed, the emission control system and the communication interface (hardware and messages) between the engine's electronic control unit(s) and any other powertrain or non-road mobile machinery control unit necessary to comply with Chapters II and III;

  • External Market Buyer means a Market Buyer making purchases of energy from the PJM Interchange Energy Market for consumption by end-users outside the PJM Region, or for load in the PJM Region that is not served by Network Transmission Service.

  • Final Internal Adverse Benefit Determination means an Adverse Benefit Determination that has been upheld by BCBSTX at the completion of BCBSTX’s internal review/appeal process.

  • External Debt means obligations (other than the Notes) of, or guaranteed by, the Republic for borrowed money or evidenced by bonds, notes or other similar instruments denominated or payable, or those which at the option of the holder thereof are so denominated or payable, in a currency other than the local currency of the Republic.

  • Internal Restructuring shall have the meaning set forth in Section 7.02(f) of this Agreement.