Global Leaders Unite to Combat Financial Crime at 15th IFCTF

The Asian Institute of Chartered Bankers (AICB) convened over 50 global and regional experts at the 15th International Conference on Financial Crime and Counter Terrorism Financing (IFCTF) in Kuala Lumpur from November 4 to November 6, 2025. This prominent event drew more than 1,200 banking professionals, highlighting the urgent need to address rising financial crime rates.

In the first half of 2025, Malaysia experienced significant financial losses due to fraud, recording RM1.12 billion in online fraud alone. By September, total scam-related losses had reached nearly RM1.92 billion. Globally, illicit financial flows are estimated at USD3.1 trillion, with fraud and bank scams contributing nearly USD486 billion. These figures underscore the necessity for enhanced collaboration across borders and sectors to effectively combat financial crime.

The banking industry has launched the nationwide #JanganKenaScam campaign to improve public awareness and resilience against fraud. Since its inception in 2023, banks have implemented stronger safeguards to protect consumers and maintain trust in the financial system. According to a recent survey by The Association of Banks in Malaysia, many Malaysians actively monitor scam alerts and take prompt action against suspicious activities.

In his opening remarks, Bank Negara Malaysia Governor Dato’ Sri Abdul Rasheed Ghaffour emphasized the importance of personal conduct and ethics in sustaining trust in the financial sector. He stated, “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.”

AICB Chairman Tan Sri Azman Hashim also addressed attendees, highlighting the balance between innovation and integrity. He remarked, “The alignment between innovation and integrity defines Malaysia’s approach — progress powered by technology, anchored in ethics. 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.”

The theme for this year’s conference, “The Future is Now: Tech-driven Compliance in the Fight Against Financial Crime,” focused on the transformative role of AI, machine learning, and advanced analytics in 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 frameworks for anti-bribery and anti-money laundering (AML).

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

As the 15th iteration of IFCTF, this conference stands as ASEAN’s leading platform for thought leadership in financial crime prevention and compliance excellence. It reaffirms AICB’s dedication to advancing digital literacy, fostering global collaboration, and promoting ethical leadership within the banking and financial sector. For additional details regarding upcoming AICB events, visit www.aicb.org.my/events/upcoming.

The Asian Institute of Chartered Bankers serves as the sole professional body for Malaysia’s banking industry, governed by a council that includes representatives from key financial institutions. With over 37,000 members, the AICB aims to enhance the banking workforce’s professional conduct and knowledge through various qualifications and innovative learning initiatives.