Financial Crime World

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Financial Crime Prevention in Malaysia: Regulatory Updates Amid Covid-19 Pandemic

The COVID-19 pandemic has brought about significant changes to the landscape of financial crime prevention in Malaysia. A recent study by researchers from the Accounting Research Institute at Universiti Teknologi MARA (UiTM) and other institutions sheds light on the impact of the pandemic on financial crime patterns and regulatory compliance.

Shift in Financial Crime Patterns

According to the study, published in the Journal of Financial Crime, the COVID-19 pandemic has led to a reduction in physical crimes such as money laundering, while cybercrimes have increased. This shift is attributed to the rise of digital transactions and the increasing use of technology by criminals.

  • The pandemic has reduced physical crimes like money laundering
  • Cybercrimes have increased due to the rise of digital transactions

Regulatory Compliance Remains a Challenge

However, despite these changes, regulatory compliance remains a significant challenge for financial institutions in Malaysia. The study found that regulatory compliance was already not at an optimal level before the pandemic, and the situation has only worsened since then.

  • Regulatory compliance was already suboptimal pre-pandemic
  • Compliance has deteriorated further due to the pandemic

Expert Insights

Experts say that financial institutions must work together to combat the risks of financial crimes, both among themselves and with regulators. Digitalisation and robust risk management are crucial in beating high fintech skills and systems employed by criminals.

  • Financial institutions must collaborate to combat financial crime
  • Digitalisation and robust risk management are key to success

Initiatives for Small Businesses

The study also highlights the importance of initiatives such as fund packages from governments to assist small companies in improving regulatory compliance. These initiatives need to be fully utilized by companies to ensure that they are able to navigate the complex landscape of financial crime prevention.

  • Governments can provide support through fund packages
  • Companies must utilize these resources effectively

Conclusion

The researchers emphasize that their study is the first to integrate the issues surrounding the COVID-19 impact, financial crimes, and regulatory compliance in Malaysia, making it a valuable contribution to the field.

Key Takeaways:

  • The COVID-19 pandemic has led to a shift in financial crime patterns
  • Regulatory compliance remains a significant challenge for financial institutions in Malaysia
  • Financial institutions must work together to combat the risks of financial crimes
  • Digitalisation and robust risk management are crucial in beating high fintech skills and systems employed by criminals

Related Articles:

  • “The Impact of COVID-19 on Financial Crime and Regulatory Compliance”
  • “Digital Transformation and Financial Crime Prevention in Malaysia”

This article is based on the study published in the Journal of Financial Crime, Vol. 29 No. 2, pp. 491-505, available online at [insert link].