KUALA LUMPUR : The Asian Institute of Chartered Bankers (AICB) recently held the 12th International Conference on Financial Crime and Terrorism Financing (IFCTF) 2022, themed "The New Frontier of Compliance: Adapt, Transform, Collaborate".
The conference focused on the crucial role of the financial sector in reshaping its defence and mitigation measures in the fight against financial crime and terrorism financing, especially in the age of Covid-19, where reliance on financial technology grows in tandem with the emergence of new digital and environmental crime.
Organised together with its Compliance Officers' Networking Group (CONG), the conference was supported by Bank Negara Malaysia, the Securities Commission Malaysia and the Labuan Financial Services Authority.
AICB chief executive Edward Ling said, "After a hiatus of two years given the COVID-19 pandemic, AICB is glad to host a physical conference this year where we will explore the perspective and expectations on digital banks in Malaysia, the risks, challenges, and issues in the current and future landscape and how these banks and crypto currency can co-exist in a safe and compliant manner to ensure a stable and prosperous Malaysian financial ecosystem in the future; amongst other key topics within the Financial Crime and Terrorism Financing realm."
IFCTF 2022 provided a timely platform for the anti-money laundering/counter financing of terrorism (AML/CFT) and anti-financial crime community to meet and have crucial discussions on the pervasive threat posed by financial crimes, share insights and potential solutions to issues and challenges faced, and develop a comprehensive approach to combating financial crime and AML/CFT through strong cooperation across the global financial community.
It was reported that only a mere one per cent of laundered money can be detected and acted upon by the authorities.
In his speech, AICB chairman Tan Sri Azman Hashim emphasised the extent of global ML activities and cautioned that they are incredibly difficult to detect and as such, greater compliance is needed to address the threat of ML and build trust in the financial industry.
He said, "Therefore, it is crucial for banking and finance professionals to possess extensive skills, deep expertise, and the necessary tools to build robust defences against the ever-present challenges and maintain public trust and confidence in the industry. I encourage all AML/CFT professionals to continuously reskill and upskill as threats are ever evolving."
This is where AICB plays a crucial role to equip bankers with the right skill sets and continues to work closely with its partners to build and strengthen capacity in the financial industry to fight financial crimes.
"As the sole professional body for bankers in Malaysia, capacity building remains one of our core focuses and we are here to support our members and the industry. Together with the Asian Banking School, we continuously work closely with industry and relevant partners to build and strengthen the competence and skill sets of the financial sector workforce in compliance and AML/CFT through the various certifications that we offer.
We hope these efforts will contribute strongly to building a sustainable local pipeline of finance practitioners equipped with the capacity and capabilities to combat the scourge of financial crime, and preserve the sanctity of the financial system upon which millions of people depend," he added.
Bank Negara Malaysia governor Tan Sri Nor Shamsiah Mohd Yunus, said in her keynote address, "We are now at a new frontier of compliance. The fight against financial crimes is one fought on multiple fronts. And the chain is only as strong as the weakest link. Our success requires all parties; the private sector, regulators, law enforcement agencies and other government bodies, and consumers alike, to do their part — to adapt to these new threats, to transform themselves to deal with these challenges, and to collaborate to safeguard the integrity of our country's financial system." IFCTF 2022 drew over 1,000 delegates from local and international financial institutions for the first in-person conference after a two-year hiatus due to Covid-19.
Among the key international speakers at the conference were leading global experts on financial crime, including the Federal Bureau Investigation (FBI) International Corruption Unit Special Agent Shannon Bieniek, Kroll Singapore Asia Pacific Head of Incident Response and Digital Forensic Investigations Rob Phillips and Luno South Africa Head of Financial Crime Eva Crouwel, among others.
AICB, which is the sole professional body for Malaysia's banking industry, is governed by a council of representatives from Bank Negara Malaysia, The Association of Banks in Malaysia (ABM), and the Malaysian Investment Banking Association (MIBA).
With over 34,000 members and growing, AICB aims to elevate professional and ethical standards in banking by creating a workforce with the highest standards of professional conduct, knowledge and competence.
AICB is the only institute in Southeast Asia that is authorised by the Chartered Banker Institute, UK, to award the Chartered Banker status. It continues to engage with industry experts to ensure that its suite of qualifications remains relevant and future-proof, equipping bankers with the requisite skills and values to keep pace with the fast-evolving banking environment.
The Institute continues to support the growth of its members through innovative learning and by advocating professionalism, advancing thought leadership, and facilitating networking opportunities.