‘Technology key for detecting financial crime’
The Association of Certified Fraud Examiners, Oman Chapter had hosted the seminar at the College of Banking & Financial Studies.
Times News Service
MUSCAT: Technology is the number one influencer on detecting financial crime promptly by using intelligence to identify unusual trends said Aziz Mahdi, Head of Compliance, Standard Chartered Bank.
“One has to invest in technology that is linked to an entity’s account ledger in order to detect unusual transactions at source, rather than conducting an investigation once the transaction has cleared the SWIFT system,” he said.
Aziz was speaking at the Seminar on Financial Crime Control — Challenges and opportunities, hosted by the Association of Certified Fraud Examiners (ACFE), Oman Chapter at The College of Banking and Financial Studies, on Tuesday.
“Public-private sector collaboration remains pivotal in the sense that financial crime can be disrupted if the private sector can work with law enforcement to ensure that bad actors are identified swiftly and removed from the financial system globally,” Aziz said.
“In Oman, there has been a lot of good work around the anti money laundering law (AML), particularly the AML 30/2016 Royal Decree that was issued a couple of years back. Efforts to address money laundering, sanctions, bribery and corruption is evident and this is increasingly important as we move towards the 2020 FATF mutual evaluation” he added.
Earlier welcoming the participants at the conference, Davis Kallukaran the President of the Oman Chapter of ACFE said that the Association of Certified Fraud Examiners in its 10th annual report to the nations released last week, revealed that a typical organisation loses 5 per cent of its revenue in a given year as a result of fraud.
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