AICB Brings Together Global Leaders to Advance AI-Driven Financial Crime Prevention at 15th IFCTF

5 November 2025

KUALA LUMPUR: Amid escalating financial crime rates, the Asian Institute of Chartered Bankers (AICB) and its Compliance Officers’ Networking Group (CONG), with the support of Bank Negara Malaysia (BNM), the Securities Commission Malaysia, and the Labuan Financial Services Authority, convened over 50 global and regional subject matter experts and more than 1,200 banking professionals at the 15th International Conference on Financial Crime and Counter Terrorism Financing (IFCTF) 2025, held from 4–6 November 2025 at the Malaysia International Trade and Exhibition Centre (MITEC), Kuala Lumpur.

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 USD3.1 trillion, with fraud and bank scams accounting for nearly USD486 billion, underscoring the urgent need for closer cross-border and ecosystem-wide collaboration to combat financial crime.

The banking industry continues to drive the nationwide #JanganKenaScam campaign to enhance public awareness and fraud resilience. Since its launch in 2023, banks have introduced stronger safeguards, reflecting a sector-wide commitment to protect consumers and preserve trust and financial stability.

Public vigilance has also improved. A recent survey by The Association of Banks in Malaysia found that most Malaysians now actively monitor scam alerts and take swift action against suspicious activity. These efforts reflect a stronger, more coordinated national response to protecting consumers and upholding confidence in the financial system.

Delivering the opening remarks, BNM Governor Dato’ Sri Abdul Rasheed Ghaffour said,

“As technology and AI reshape compliance and 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.”

In his welcome address, AICB Chairman Tan Sri Azman Hashim highlighted the importance of balancing innovation with integrity,

“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.”

Faradina Ghouse, CB, Chairman of CONG and Group Chief Compliance Officer at AmBank Group, emphasised the collaborative nature of compliance in today’s financial environment,

“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.”

Themed “The Future is Now: Tech-driven Compliance in the Fight Against Financial Crime”, this year’s conference explored how AI, machine learning, and advanced analytics are transforming compliance and risk management. Key discussion topics included 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 increasing 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 enhanced 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.