Asian Institute of Chartered Bankers (AICB) Hosts 13th International Conference on Financial Crime and Terrorism Financing (IFCTF) to Cultivate Greater Transparency and Accountability in Financial Sector

Tue, 03 Oct 2023 16:41:00 +0800

KUALA LUMPUR, Malaysia, Oct. 3, 2023 /PRNewswire/ -- The global shift towards a digital-centric banking landscape brings greater opportunities for growth and financial inclusion, but also significant challenges, specifically the growing prevalence of financial crimes, money laundering and terrorism financing, all of which are leading global threats that erode trust and stability in financial systems and disrupt economic growth.

Combatting financial crime requires robust collaboration between the public and private sectors, with governments, regulators, entire industries, businesses, and individuals from all segments of society uniting to strengthen the financial sector's resilience and readiness. It calls for greater engagement in global and regional knowledge-sharing initiatives and fostering stronger international cooperation to fortify defences against financial crime risks and strengthen the integrity of the financial sector.  

The 13^th International Conference on Financial Crime and Terrorism Financing (IFCTF) themed "Trust Reinvented: Building a Sustainable Culture of Integrity, Transparency and Accountability", jointly organised by the Asian Institute of Chartered Bankers (AICB) and its Compliance Officers' Networking Group (CONG), with the support of Bank Negara Malaysia, Securities Commission Malaysia, and Labuan Financial Services Authority, on 2–4 October 2023 at the Kuala Lumpur Convention Centre featured insightful discussions and lively debates covering the complexities of financial crime today, the use of latest technologies transforming the landscape, and key aspects of integrity, transparency, and accountability from the perspective of AML/CFT in relation to financial systems.  

In his welcome remarks, AICB Chairman Tan Sri Azman Hashim emphasised the importance of fostering a culture of trust, where integrity, transparency and accountability should be embedded in the workplace culture of the public and private sectors. He said, "Through AICB's professional membership and programmes, the Institute is committed to raising the professional and ethical standards, and competencies of banking and financial professionals to help combat financial crimes, further strengthening public trust and confidence in the financial sector and the broader economy."

Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour acknowledged the IFCTF as a critical platform for experts to discuss important financial crime issues. He said in his opening address, "What we do is important, but the how is often just as important. Dealing with financial crimes demands integrity – the key to preserving public confidence and trust in the financial system. We need to restore, or rather reinvent trust. But this cannot be done by anyone alone. All of us will need to play our part, by upholding the principles of integrity, transparency, and accountability, which will go a long way in restoring trust."

Compliance Officers' Networking Group Chairman Faradina Ghouse, said, "The IFCTF is the single largest platform in Malaysia that connects compliance, audit, risk, finance and legal professionals to learn from experts in combatting financial crime and terrorism financing. This year, we focus on using sophisticated technology capabilities and structured methodology to strengthen anti-corruption efforts and we hope participants will be able to elevate their practices to better serve customers with the highest level of integrity and protect their organisations from the threat of financial crime. "

At IFCTF 2023, over 50 leading global and regional financial crime experts convened to share their knowledge, experience and insights on disrupting proliferation financing, risk and threats around digital banks, use of AI in AML prevention and detection, cryptocurrency and cybercrime, and regional and international cooperation mechanisms in combatting transnational crime, among other issues.

At the Conference, The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) also launched the refreshed #JanganKenaScam National Scam Awareness Campaign, officiated by the Bank Negara Malaysia Governor Datuk Abdul Rasheed Ghaffour.

The campaign is a concerted effort by the banking industry to raise public awareness of the growing prevalence of scams and fraudulent schemes in Malaysia and encourage the public to protect themselves and their communities from falling victim to these detrimental activities by practising vigilance and familiarising themselves with scam tactics.

On the sidelines of the Conference, several closed-door, high-level industry and media roundtables were held to further discuss key financial crime and terrorism finance-related issues in Malaysia.

IFCTF 2023 drew over 1,000 delegates from local and international financial institutions.

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