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Enhancing Detection of Fraud & Money Laundering Using AI

SIDC CPE-approved: 10 CPE Points

Date: 12th June 2024
Venue: DoubleTree by Hilton Kuala Lumpur

Classroom Training

WHY THIS COURSE?

Financial crimes such as fraud and money laundering have evolved rapidly in complexity and sophistication. The cost of compliance has also risen sharply with more stringent regulatory controls. Hefty fines, erosion of reputation and trust are prompting financial institutions to turn to data analytics for more effective measures to detect suspicious activities from a wider variety of data sources, structured and unstructured. However, the high false positive rates bring no respite to the workload and continue to strain resources.

Today, artificial intelligence (AI) and machine learning (ML) can be used to complement data analytics. AI/ ML can be incorporated into the financial crime compliance (FCC) model reviews to reduce the number of false positives by enabling smarter analytics so that investigations can focus on genuine money laundering cases.

This one-day workshop looks at how to design an operational framework.

  • Learning objectives:
    • Understand how artificial intelligence and machine learning work.
    • Understand how AI/ML can be applied to detect financial crime.
    • Learn to combine data analytics with AI/ML via smarter behavioural analytics to reduce false positives.
    • Design an operational framework incorporating recent regulatory guidelines in order to improve operational effectiveness.

Fee

Fee per participant: RM2,500/$835

Please note that the Ringgit price is applicable to Malaysia-domiciled participants only. Discounts are available for group bookings. Please contact us for more details.

In-house/group training

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More

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Send me Details

For enquiries please contact:

Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44

Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810

For sponsorship & speaking opportunities:

Andrew Tebbutt

Managing Director
[email protected]
Direct Line: +603 2162 7802

For marketing and media enquiries

Govina Selvanthran

Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22

seminar logo

Enhancing Detection of Fraud & Money Laundering Using AI

SIDC CPE-approved: 10 CPE Points

Date: 12th June 2024
Venue: DoubleTree by Hilton Kuala Lumpur

Classroom Training

Send me Details

WHY THIS COURSE?

Financial crimes such as fraud and money laundering have evolved rapidly in complexity and sophistication. The cost of compliance has also risen sharply with more stringent regulatory controls. Hefty fines, erosion of reputation and trust are prompting financial institutions to turn to data analytics for more effective measures to detect suspicious activities from a wider variety of data sources, structured and unstructured. However, the high false positive rates bring no respite to the workload and continue to strain resources.

Today, artificial intelligence (AI) and machine learning (ML) can be used to complement data analytics. AI/ ML can be incorporated into the financial crime compliance (FCC) model reviews to reduce the number of false positives by enabling smarter analytics so that investigations can focus on genuine money laundering cases.

This one-day workshop looks at how to design an operational framework.

  • Learning objectives:
    • Understand how artificial intelligence and machine learning work.
    • Understand how AI/ML can be applied to detect financial crime.
    • Learn to combine data analytics with AI/ML via smarter behavioural analytics to reduce false positives.
    • Design an operational framework incorporating recent regulatory guidelines in order to improve operational effectiveness.

Fee

Fee per participant: RM2,500/$835

Please note that the Ringgit price is applicable to Malaysia-domiciled participants only. Discounts are available for group bookings. Please contact us for more details.

In-house/group training

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More

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AGENDA

Introduction to Artificial Intelligence (AI) & Machine Learning (ML)
  • The digital revolution and its impact on the individual and workplace
  • Drivers of financial crimes
  • Types of financial crimes
Applications of AI/ML in Financial Crime Detection
  • Money laundering and fraudulent transaction detection
  • KYC due diligence
  • Cyber intrusion detection
  • Data leakage monitoring
Designing an Operational AML/Fraud Detection Framework: Financial Crime Risk Management
  • Key elements to include in incidence management and business continuity planning
  • Key sources of detecting fraud and money laundering
  • Basic components of an AML system
  • Strengths and weaknesses of anomaly/outlier detection
  • Multi-layered risk prevention framework
  • AML compliance challenges and best practices
Incorporating Monitoring & Mitigating Tools, Including Key Risk Indicators
  • Stages in money laundering process
  • Business process governance
  • Strengths and weaknesses of the three layers of AI analytics in AML detection
  • Difference between supervised and unsupervised learning
  • Key elements of contextualization (internal and external) including insider threats
    • Stages in money laundering process and weaknesses of AML systems
    • Lifecycle perspective of cause, effect and consequence
Case Studies: AI Enhancements in Transactional and Portfolio Monitoring, KYC Due Diligence, Cyber Risk Detection, Monitoring, Control and Reporting
Course Wrap-up

EXPERT COURSE DIRECTOR


Dr Guan Seng Khoo
Former Group Chief Risk Officer, RHB Capital

Dr Guan Seng Khoo has vast experience of global business development, strategy, banking, investment and academic research experience in the financial services and IT/cyber security industries. Guan Seng held the role of VP/head of enterprise risk management at AIMCo (Alberta Investment Management Corporation) and CAI.

While at AIMCo, he was responsible for the entire risk management function across the whole lifecycle of the investment process, including at the due diligence/pre-investment stage, the deal-by-deal level as well as the portfolio and divestment/exit stages, including managing relationships with partners, clients, and key stakeholders. He has led teams for assignments and projects in the middle east, Europe, Asia-Pacific, north and south America. Prior to AIMCo, Guan Seng was the head/senior director of portfolio and performance risk analytics at Temasek Holdings. Previous to this, Guan Seng headed the global risk analytics team at Standard Chartered Bank, performing all global risk model review and validation for Basel & BIPRU compliance, and liaising with financial regulators in Europe, Asia, Africa, and the middle east, including the FSA (UK), the FSS (Korea), CBRC, HKMA, BNM, Bank of Thailand and Monetary Authority of Singapore. Guan Seng pioneered the use of AI in investment management, when he designed and managed an AI-algorithmic hedge fund while at Man Investment Products. Previously, Guan Seng was head of innovation (strategy & business development) at the Singapore Exchange, and was group chief risk officer at RHB Capital, Malaysia. In 2001-02, he was based in Chicago and Denver at American Bourses Corp (spun off from the Man Group), providing investment and trading analytics to clients trading on the ECNs (electronic exchanges) in North America and the Asia-Pacific. Guan Seng started his career with NTU as an academic, performing research in semiconductor physics and materials sciences, publishing scientific papers, and teaching undergraduates, including on environmental science. He graduated with a bachelor’s degree in science and holds MSc and PhD degrees from the National University of Singapore on a PSC Government Scholarship. He was awarded the Jurong Shipyard Book for Best Student in Applied Physics.

Who Will Benefit?

  • Banking and finance professionals in compliance, audit, risk management
  • Business function managers responsible for operational risk management
  • Financing and lending managers
  • IT professionals and data scientists
  • Regulators

For enquiries please contact:

Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44

Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810

For sponsorship & speaking opportunities:

Andrew Tebbutt

Managing Director
[email protected]
Direct Line: +603 2162 7802

For marketing and media enquiries

Govina Selvanthran

Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22

About Us

REDmoney Events designs, organizes and hosts industry-leading conferences, forums, roadshows and seminars focusing on the Islamic financial markets across a global, regional and national level.

+603 2162 7800
[email protected]

Our Publications

  • Islamic Finance news
  • IFN Investor
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Kenya has circled back to Islamic finance, with Tr Kenya has circled back to Islamic finance, with Treasury Cabinet Secretary John Mbadi Ng’ongo revealing that the government is considering the introduction of Sukuk as part of efforts to diversify funding sources and tap into liquidity from global Shariah compliant capital markets.

In his presentation of the 2026/27 Budget to the National Assembly on the 11th June 2026, John said the government is evaluating the use of Sukuk instruments. “These Shariah compliant securities, which are structured on asset-backed or asset-based principles, will enable the government to access liquidity from Islamic finance markets.”

To read full article: https://www.islamicfinancenews.com/kenya-renews-interest-in-sukuk-and-islamic-finance-to-widen-funding-sources.html

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The move updates instructions previously issued under Circular No 02 of 2020 and comes as Pakistan continues to transition its banking system toward full Shariah compliance in line with the Federal Shariat Court’s 2027 deadline.

To read full article: https://www.islamicfinancenews.com/pakistan-eases-islamic-banking-window-rules-to-accelerate-branch-conversions.html

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  • Past Events
  • Past Trainings
  • How We Do It
  • Accommodation
  • Contact us
  • About Us