Financial crime is evolving fast, becoming more sophisticated, cross-border and digitally enabled.
This episode examines how organisations can move beyond reacting to fraud and take a proactive approach to building controls that anticipate how criminals may attack their systems.
The discussion is particularly relevant as Australia extends AML/CTF obligations to professions including accountants, lawyers, and real estate professionals.
Listeners will gain expert insight on:
- Why fraud and AML/CTF should be treated as two sides of the same problem
- How to test products and processes from a fraudster's perspective
- Why continuous surveillance matters after customer onboarding
- How banks, regulators and other industries can share intelligence
- What shared responsibility means for professional advisers
- How AI is being used to detect financial crime and why AI will also increase the threat
- Where firms should start when strengthening AML/CTF controls
Tune in now.
Host: Elinor Kasapidis, chief of policy standards and external affairs, CPA Australia.
Guest: Vincent Mok Yau Yee. He is currently a member of the Malaysian Divisional Council of CPA Australia and the group chief risk officer for GXS Bank based in Singapore.
Learn more about GXS at its website.
CPA Australia also has information on anti-money laundering reforms as well as guidance for practitioners around AML/CTF.
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CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance and accounting:
With Interest https://www.cpaaustralia.com.au/tools-and-resources/podcasts/with-interest
INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack
INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud
Excel Tips https://www.cpaaustralia.com.au/tools-and-resources/podcasts/excel-tips
Search for them in your podcast platform. Email the podcast team at podcasts@cpaaustralia.com.au
Chapters:
00:00 Opening
00:19 Podcast intro AML/CTF, fraud risks and financial crime controls
01:31 Vincent Mok's career journey from CPA to digital bank CRO
04:19 How digital banking is changing the financial crime landscape
05:08 Fighting financial crime: From defensive controls to proactive risk management
07:08 Designing fraud-resistant products and thinking like a fraudster
09:29 Fraud, scam victims, money mules and vulnerable customers
11:22 What effective fraud controls and AML governance look like
15:26 Industry collaboration, intelligence sharing and public-private partnerships
19:00 AML/CTF obligations for accountants, lawyers and professional advisers
23:15 AI, deepfakes and using artificial intelligence to combat financial crime
26:29 Getting started with AML/CTF compliance and shared responsibility
29:19 Key takeaways on fraud prevention, AML controls and digital banking security
30:15 CPA Australia AML/CTF resources and closing remarks
