Navigating the Rising Tide of Financial Crime & Technology

Fraud and financial crime are becoming more rampant with ongoing economic pressures, unprecedented inflation and geopolitical tension. It is estimated that more than USD800 billion is laundered every year, causing a significant impact on the global economy and creating considerable challenges for financial institutions, corporates, government and the society. Kroll’s 2023 Fraud and Financial Crime Report highlighted that 69% of global executives and risk professionals surveyed expect financial crime risks to increase over the next 12 months. However, only 25% to 30% of respondents from the EU, the UK, Singapore and the U.S. believe their compliance programmes to be very effective.

The extensive and widespread use of technology in business today while enhancing efficiencies has also provided openings for financial crime and associated risks. A better understanding of the state of the fight against financial crime has become more important as new technology unfolds. To close the gap, 67% of the respondents plan to invest in technology in the next year.

Get ahead in the evolving fight against fraud and financial crime. Gain insights into the current financial crime landscape and learn how technology might stop the threat of economic, crypto and ESG crimes. How these investments should be made and what else can be done to combat financial crime? What strategies can boards take? What are the red flags boards should watch out for? What else can they do to raise the governance standards in the company?

Send us your burning questions or issues you would like to bring up during the dialogue session to advocacy@icdm.com.my. This dialogue session will be held under the Chatham House Rule.