Kuala Lumpur:The Asian Institute of Chartered Bankers (AICB) and its Compliance Officers' Networking Group (CONG) have made a call for enhanced intelligence sharing and improved cooperation across the financial ecosystem to address the growing threat of financial crime. This call was made during the International Conference on Financial Crime and Counter Terrorism Financing (IFCTF) 2026.
According to BERNAMA News Agency, AICB chairman Tan Sri Azman Hashim emphasized the need for a coordinated approach to tackling financial crime, which increasingly crosses institutional, digital, and national borders. He highlighted the role of the IFCTF over the past 15 years in bringing together regulators, law enforcement agencies, financial institutions, and industry experts to safeguard Malaysia's financial system integrity.
Tan Sri Azman Hashim noted that financial crime affects multiple sectors, including banks and digital platforms, and transforming intelligence into action requires effective tools, such as AI for fraud detection and anti-money laundering. He also pointed out significant online fraud losses recorded by the Royal Malaysia Police, amounting to nearly RM3 billion in 2025 and RM680 million in early 2026.
Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour spoke about the importance of transforming transaction data into actionable insights. He mentioned that since October 2025, the National Fraud Portal has been analyzing payment network patterns, flagging over 1,600 suspicious accounts linked to mule-related risks.
Abdul Rasheed highlighted BNM's efforts to manage technology risks and prevent fraud, including revised policies to strengthen resilience against technology-related and cyber risks. He emphasized the importance of responsible use of intelligence and analytics to reinforce fraud risk management.
IFCTF 2026, themed 'Intelligence-Led Financial Crime Prevention: The Power of Data, Insights and Collaboration,' gathered various stakeholders from Oct 5-7 at the Kuala Lumpur Convention Centre. The conference, now in its 16th edition, continues to serve as a platform for sharing practical approaches to financial crime prevention.