AICB Urges Stronger Cross-border Collaboration To Combat Rising Financial Crime Rates

KUALA LUMPUR, Nov 5 (Bernama) -- Rising financial crime rates underscore the urgent need for closer cross-border and ecosystem-wide collaboration to tackle the growing threat, said the Asian Institute of Chartered Bankers (AICB).

In a statement today, AICB emphasised that Malaysia recorded RM1.12 billion in online fraud losses in the first half of 2025, with scam-related losses totalling nearly RM1.92 billion by September. Globally, illicit financial flows are estimated at US$3.1 trillion (US$1=RM4.20), with fraud and bank scams accounting for nearly US$486 billion.

“As technology and AI reshape compliance and anti-money laundering (AML), we must remember that personal conduct and ethics are what ultimately sustain trust. No algorithm can replace the judgment, integrity, and accountability expected of the financial industry,” Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour said in his opening remarks at the 15th International Conference on Financial Crime and Counter Terrorism Financing (IFCTF). 

Meanwhile, AICB chairman Tan Sri Azman Hashim said the alignment between innovation and integrity defines Malaysia’s approach -- progress powered by technology, anchored in ethics. But even the most advanced systems cannot replace sound judgment or strong values.

“In this digital age, every one of us is a firewall -- our vigilance, ethics and professionalism form the invisible barrier that keeps our financial system secure. Our strength lies in our people -- skilled, principled and vigilant -- who remain our greatest line of defence,” he said. 

AmBank Group chief compliance officer and Compliance Officers’ Networking Group (CONG) chairman Faradina Ghouse said financial institutions sit at the frontline of the fight against financial crime.

“As the landscape grows more complex, our collective ability to detect, prevent and respond depends on how well we share intelligence, strengthen cross-border cooperation and build the right skills.

“Compliance today is not just about regulation -- it is about resilience, integrity and collaboration across the entire financial ecosystem,” she said. 

AICB and CONG with the support of BNM, Securities Commission Malaysia and Labuan Financial Services Authority convened with over 50 global and regional subject matter experts and over 1,200 banking professionals at the 15th IFCTF 2025, from Nov 4-6, 2025 at the Malaysia International Trade and Exhibition Centre (MITEC), Kuala Lumpur.

Themed “The Future is Now: Tech-driven Compliance in the Fight Against Financial Crime”, this year’s discussions examine how AI, machine learning and advanced analytics are transforming compliance and risk management.

Key topics include AI-enabled fraud detection, machine learning-driven compliance, the rise of virtual assets, terrorism and proliferation financing, and anti-bribery and AML frameworks, all set against a backdrop of tightening global enforcement and rising digital-fraud threats.

Reflecting Malaysia’s broader commitment to reform, Budget 2026 allocates RM32 million to strengthen legal frameworks and combat scams, alongside the introduction of a new Cyber Crime Bill and expanded capabilities for the National Scam Response Centre.

Now in its 15th year, IFCTF stands as ASEAN’s most influential thought-leadership platform for financial crime prevention and compliance excellence, reaffirming AICB’s commitment to advancing digital literacy, global collaboration and ethical leadership across the banking and financial sector.

-- BERNAMA