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Agency for specialized monitoring (ASM) Services

In order to keep a latch on fraudulent activities and to prevent diversion of funds, banks has introduced the ASM (Agency for Specialised Monitoring) Mechanism. Under the ASM, banks will now appoint specialized monitoring agencies to closely track the activities of the debtor (borrowers) including purchase/invoices, actual production vis-à-vis projections, high value transactions/ payments as regards beneficiaries and purpose, cash inflow/ outflow.