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The MAFH hosted a webinar on the challenging world of financial crime with its chairman Mike Rees, founder of Strategic Vitality, as the moderator, along with Neeraj Ramyead, CFE, Anti-Fraud officer at the State Bank of Mauritius (SBM), Veeren Manikion, Director Business Development & Sales at Global Primex Ltd and Kevin Sumputh, Chief Security Officer at Absa Bank Ltd as panelists.

Given the fast accelerating world of finance and technology, the expert panelists shared their perspectives on the long term threats and solutions for the Mauritian economy that represents financial crime. The common mindset in regards to being a fully compliant country lies in the collaboration between banks whereby they share with each other their databases and patterns of transactions in order to successfully combat financial crimes.

Considering that the EU added Mauritius to the list of third world countries with insufficient measures to combat money laundering and terrorist financing in July 2020, the insights from these panelists gives Mauritius hope to climb back on the ladder.

Neeraj Ramyead is of the view that the banking world has to invest more in transaction monitoring systems to keep track of what is happening, analyse the various types of transactions in order to be able to predict what can happen in the future.

Kevin Sumputh on the other hand shared with the public his digital perspective of cyber and fraud prevention. According to him, the sophistication of the dark web gives to the public an easy possibility to commit financial crimes. The latter believes that rigorous artificial intelligence and machine learning could discourage fraudsters from committing crimes.

Veeren Manikion in parallel believes the solution for financial crimes lies in reinvesting in FinTech and RegTech to leverage this issue the world is having with financial crimes.

Watch the video of the webinar here: