The Asian Institute of Chartered Bankers (AICB) is organising an International Conference on Financial Crime and Terrorism Financing (IFCTF) to equip Malaysian bankers with specialised skills in combating emerging financial crime threats

KUALA LUMPUR, Malaysia, August 19, 2024 /PRNewswire/ — The rapid pace of digital adoption in financial crime poses a significant challenge for financial institutions to combat financial crime. Financial institutions must be sensitive and proactive in monitoring the different typologies of fraud, scams and cyber threats. Malaysia reported a startling RM3.2 billion in losses due to online fraud between 2021 and April 2024 — which affected more than 95,800 victims — compared to RM804 million recorded in 2022⁽¹⁾In addition, 14,490 cases of online fraud were recorded in the first half of 2024, with losses of more than RM581 million⁽²⁾By the way, fraud, scams and bank frauds were the cause $485.6 billion in expected global losses by 2023, underscoring the prevalence of this crime worldwide⁽³⁾.

These challenges in the fight against financial crime also present opportunities for enhanced and robust detection and prevention measures that harness the power of data, analytics, machine learning and artificial intelligence to continually improve supervision, regulation and compliance controls; strengthen cross-border collaboration and knowledge sharing with key AML/CFT agencies and regulators globally; enhance AML/CFT capacity building initiatives; and raise awareness among the private and public sectors on maintaining a culture of integrity, transparency and accountability.

Recognizing the urgency of these requirements, the Asian Institute of Chartered Bankers (AICB) and its Compliance Officers’ Networking Group (CONG) are proud to host a special two-day International Conference on Financial Crime and Terrorism Financing (IFCTF) Masterclass 2024 on 19-20 August 2024 at Shangri-La Kuala Lumpur, to provide an immersive learning experience in key areas of the financial sector. Theme “Fighting Financial Crime and AML/CTF/CPF: A Deep Technical Dive”The Masterclass series aimed to create a collaborative environment that fosters deeper understanding and stimulates innovative thinking through a series of masterclass sessions led by leading international and regional experts in a particular field.

Deputy Governor of Bank Negara Malaysia Dato’ Marzunisham Omar, in his opening speech, said: “When it comes to combating financial crime, swift action between institutions can make all the difference. That’s why we’ve set up platforms like the National Scam Response Centre (NSRC) and Financial Sector Cyber Threat Intelligence Platform (FinTIP). These platforms bring together not only financial players or law enforcement agencies, but also key stakeholders such as telecommunications companies. The aim is to foster relationships and engagement that allow us to keep pace with developments and act quickly in a time-critical environment.”

In his welcoming speech he said: Chairman of AICB Tan Sri Azman Hashim said: “Given their indispensable role in protecting the country’s financial system, it is crucial to cultivate the ability of banking staff to anticipate, deter and effectively mitigate increasingly sophisticated financial crimes. To enable our members to rise to this formidable challenge, AICB continues to advocate for lifelong learning, upskilling and reskilling and this year we have launched several new courses designed to strengthen our members’ capabilities in key areas of banking in the digital age. We also recently launched the first Future Skills Framework for the Malaysian financial sector, which is designed to enhance skills, support continuous learning, improve talent mobility and facilitate a more future-ready workforce, effectively raising the bar for professional excellence and fueling the growth of the Malaysian financial sector.“

Chair of the Compliance Officers’ Networking Group, Faradina Ghouse said: “The fight against financial crime requires a strong, united front. The financial industry, regulators, enforcement agencies and relevant global organizations must continue to work together in this effort, because only through collective action and shared expertise can we effectively combat these threats and protect the integrity of our financial systems.“

The IFCTF Masterclass 2024 intensively explored the financial crime landscape through in-depth, practical sessions covering key topics such as the Financial Action Task Force (FATF) Recommendations, proliferation financing, terrorist financing, national and sectoral risk assessments, ultimate beneficial ownership, anti-bribery and corruption, transnational organized crime, fraud, regulatory compliance and inter-agency cooperation.

The technical discourse between experts in global topics and seasoned industry professionals underscored the increasing sophistication of financial crimes and their serious detrimental effect on the country’s economic growth and financial stability, further emphasizing the importance of developing specialized expertise in financial crime prevention and compliance. The knowledge and skills acquired through the IFCTF Masterclass 2024 provide financial professionals with a solid foundation to build client trust, contribute to industry best practices, and ultimately ensure the integrity of Malaysia’s financial system.

For over 13 years, IFCTF has been one of the region’s most influential thought leadership platforms focused on combating financial crime and terrorist financing. The organization continues to play a key role in improving industry standards and fostering collaboration among banking professionals worldwide, providing them with new knowledge on effective strategies and best practices in the fight against financial crime.

The IFCTF Masterclass 2024 attracted over 700 delegates from local and international financial institutions, including senior compliance officers, risk management professionals, regulators, government and law enforcement officials, who participated in a dynamic exchange of sharp insights, innovative strategies and practical solutions to address the increasingly complex issues of financial crime and AML/CFT/CPF and strengthen banks’ defenses against rising threats.

Find out more about AICB’s upcoming events at www.aicb.org.my/events/upcoming.

About the Asian Institute of Chartered Bankers

The Asian Institute of Chartered Bankers (AICB) is the only professional organization for Malaysia’s banking sector governed by a council of representatives of Bank Negara Malaysia (BNM), the Association of Banks in Malaysia (ABM) and the Malaysian Investment Banking Association (MIBA). With over 35,000 members, AICB strives to empower banking personnel with the highest standards of professional conduct, knowledge and competence through our banking qualifications.

AICB is the only institute in Southeast Asia which is authorised by the Chartered Banker Institute, UK, to award Chartered Banker status. The Institute continues to support the growth of its members through innovative learning and by advocating professionalism, promoting thought leadership and facilitating networking opportunities.

For more information about AICB, visit www.aicb.org.my

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SOURCE IBPO Group; The Asian Institute of Chartered Bankers (AICB)

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