KUALA LUMPUR: The financial sector has prevented approximately RM1.9 billion in attempted fraudulent transactions in the first half of 2026, surpassing the RM1.2 billion prevented throughout 2025.
Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour said more than RM37 billion worth of assets have also been recovered in the past five years.
"Prominent and complex financial crime cases were also investigated and prosecuted, including those involving multiple agencies. These achievements are a testament to our whole-of-nation efforts,” he said during his opening remarks at the International Conference on Financial Crime & Counter Terrorism Financing (IFCTF) 2026 today.
He said it has been 25 years since Malaysia enacted the Anti-Money Laundering, Anti-Terrorism Financing, Anti-Restricted Activity Financing and Proceeds of Unlawful Activities Act 2001.
"Over the past quarter century, we have transformed what began as a traditional Anti-Money Laundering (AML) framework into a comprehensive regime that combats all forms of financial crimes,” he said.
Abdul Rasheed said this progress has been built on three foundations, mainly stronger laws, stronger institutions and a stronger understanding of risk and the supervisory approach.
Hence, he said together, these efforts have strengthened Malaysia’s AML, Countering the Financing of Terrorism and Countering Proliferation Financing regime, culminating in the positive recognition in the 2025 Mutual Evaluation.
On another note, BNM governor highlighted that about 95 per cent of online fraud cases involve victims who are deceived into transferring funds themselves.
Besides, artificial intelligence (AI) agents can also power fraud campaigns, identify vulnerabilities and amplify cyberattacks.
"INTERPOL estimates AI-enabled fraud to be 4.5 times more profitable than traditional methods, enabling criminals to operate faster, reach further and inflict greater harm,” he said.
Hence, he said these developments have created an "arms race” against criminals.
"So, as they automate deception, we must automate detection. As they exploit speed and scale, we must become more agile to identify, disrupt, and prevent illicit activities,” he added. - Bernama
