KUALA LUMPUR: The Asian Institute of Chartered Bankers (AICB) and its Compliance Officers’ Networking Group have organised a special two-day International Conference on Financial Crime and Terrorism Financing (IFCTF) Masterclass 2024 beginning today.
The IFCTF Masterclass 2024, themed "Combatting Financial Crime and the Anti-Money Laundering (AML), Countering Financing of Terrorism (CFT), Countering Proliferation Financing (CPF): A Technical Deep Dive,” offers Malaysian bankers an immersive experience in financial crime, fostering collaboration and innovative thinking through sessions led by distinguished global and regional experts.
AICB Chairman Tan Sri Azman Hashim said it is crucial to cultivate the banking workforce’s ability to anticipate, deter, and effectively mitigate increasingly sophisticated financial crimes, particularly given their indispensable role in safeguarding the nation’s financial system.
"In empowering our members to address 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 this digital era,” he said in his opening remarks at the IFCTF Masterclass today.
Compliance Officers’ Networking Group chairman Faradina Ghouse emphasised that fighting financial crime requires a strong, united front, whereby the financial industry, regulators, enforcement agencies, and relevant global organisations must continue collaborating.
"Through collective action and shared expertise, we can effectively combat these threats and protect the integrity of our financial systems,” she added.
It was reported that Malaysia recorded a staggering RM3.2 billion in losses through online scams between 2021 and April 2024, which affected over 95,800 victims, compared to RM804 million recorded in 2022.
Additionally, the first half of 2024 recorded 14,490 online fraud cases, with losses exceeding RM581 million. Incidentally, fraud scams and bank fraud schemes accounted for US$485.6 billion in projected losses globally in 2023, underscoring the prevalence of this crime worldwide. (US$1 = RM4.39)
Meanwhile, AICB said that challenges in combatting financial crime also offer opportunities for improved and robust detection and prevention measures that leverage the power of data, analytics, machine learning and artificial intelligence to continuously enhance supervision, regulation and compliance controls.
"There are opportunities to strengthen greater cross-border collaboration and knowledge sharing with key AML and CFT agencies and regulatory bodies globally; enhance AML and CFT capacity-building initiatives, and elevate the awareness of private and public sectors in upholding a culture of integrity, transparency and accountability,” it said.
The IFCTF Masterclass 2024 features an intensive exploration of the financial crime landscape through in-depth, hands-on sessions on the Financial Action Task Force recommendations, AML, proliferation financing, and terrorism financing, among other matters.
"The knowledge and skills acquired through the IFCTF Masterclass 2024 provide a firm foundation for financial professionals to build customer trust, contribute to industry best practices, and ultimately safeguard the integrity of Malaysia’s financial system,” it added.
Earlier, Bank Negara Malaysia deputy governor Datuk Marzunisham Omar said in his opening address that the central bank has established the National Scam Response Centre and Financial Sector Threat Intelligence Platform to tackle financial crimes.
"These platforms bring together not just financial players or law enforcement agencies but also key stakeholders such as telecommunication companies. The goal is to foster relationships and engagements that allow us to keep pace with developments and act
speedily in a time-critical environment,” he said.
Meanwhile, as one of the region’s most influential thought leadership platforms centred on combatting financial crime and terrorism financing for over 13 years, IFCTF continues to play a vital role in elevating industry standards and fostering collaboration between banking professionals globally.
The IFCTF Masterclass 2024 drew delegates from local and international financial institutions, comprising senior compliance officers, risk management professionals, regulators, and government and law enforcement officials. - Bernama
