KUALA LUMPUR, Aug 20 – 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 Monday.
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.
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)
