Global Threats Tackled

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Kuala Lumpur, Oct 3: The global transition to a digital-focused banking landscape presents numerous opportunities for growth and financial inclusion.
However, it also brings significant challenges, with financial crimes, money laundering, and terrorism financing becoming increasingly prevalent.
These global threats erode trust and stability in financial systems and disrupt economic growth.
Combatting financial crime demands strong collaboration between the public and private sectors, involving governments, regulators, entire industries, businesses, and individuals from all segments of society. This unified effort aims to bolster the financial sector’s resilience and preparedness, necessitating active participation in global and regional knowledge-sharing initiatives and fostering international cooperation to enhance defenses against financial crime risks.
The 13th International Conference on Financial Crime and Terrorism Financing (IFCTF), themed “Trust Reinvented: Building a Sustainable Culture of Integrity, Transparency, and Accountability,” took place from October 2 to 4, 2023, at the Kuala Lumpur Convention Centre. The event was jointly organized by the Asian Institute of Chartered Bankers (AICB) and its Compliance Officers’ Networking Group (CONG), with support from Bank Negara Malaysia, Securities Commission Malaysia, and Labuan Financial Services Authority.
The conference featured insightful discussions and lively debates on the complexities of financial crime today, the transformative role of the latest technologies, and the critical aspects of integrity, transparency, and accountability in the context of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) efforts within financial systems.
In his welcome address, AICB Chairman Tan Sri Azman Hashim emphasized the importance of cultivating a culture of trust, with integrity, transparency, and accountability embedded in the workplace culture of both the public and private sectors. He highlighted AICB’s commitment to elevating the professional and ethical standards of banking and financial professionals to combat financial crimes effectively and enhance public trust in the financial sector.
Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour recognized IFCTF as a critical platform for experts to discuss significant financial crime issues. He stressed the importance of integrity in dealing with financial crimes and the need to restore trust through collective efforts.
Faradina Ghouse, Chairman of the Compliance Officers’ Networking Group, noted that IFCTF serves as a vital platform in Malaysia, connecting compliance, audit, risk, finance, and legal professionals to learn from experts in combatting financial crime and terrorism financing. This year’s focus was on utilizing sophisticated technology and structured methodologies to strengthen anti-corruption efforts.
IFCTF 2023 gathered over 50 leading global and regional financial crime experts who shared their knowledge, experience, and insights on various topics, including disrupting proliferation financing, addressing risks and threats related to digital banks, using artificial intelligence in AML prevention and detection, tackling cryptocurrency and cybercrime, and exploring regional and international cooperation mechanisms to combat transnational crime.
During the conference, The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) launched the refreshed #JanganKenaScam National Scam Awareness Campaign, aimed at raising public awareness of scams and fraudulent schemes in Malaysia. The campaign encourages vigilance and equips the public with knowledge to protect themselves and their communities from falling victim to these detrimental activities.
In addition to the conference sessions, several closed-door, high-level industry and media roundtables were conducted to further discuss critical financial crime and terrorism finance-related issues in Malaysia.

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