Griffith University's Academy of Excellence in Financial Crime Investigation and Compliance has once again positioned itself at the forefront of financial crime research in Australia, hosting the second annual Financial Crime Investigation and Compliance Research Symposium. The event brought together leading voices from academia, industry, and research to discuss the latest trends and challenges in financial crime prevention, compliance, and investigation.
The symposium covered a broad spectrum of topics, from advanced compliance frameworks to emerging technologies combating financial crime. Each session provided valuable insights into the evolving landscape of financial crime and the innovative strategies being developed to combat it.
Panel Highlight
Moderated by Academy Director, Professor Andreas Chai, the panel discussion, Preparing Australia for AML/CTF Tranche II: Risks and Challenges, included a distinguished group of experts:
- Sue Bradford (Partner - Forensic, Financial Crime, KPMG)
- John Fogarty (Executive General Manager, Financial Crime Compliance, CBA)
- Dr Gordon Hook (Senior Industry Fellow, Griffith University)
- Professor Shireenjit Johl (Deputy Director, Griffith University)
- Belinda Zohrab-McConnell (Regulatory and Professional Standards Lead, CPA Australia)
The session offered a comprehensive overview of AML/CTF Tranche II regulations, which aim to bridge existing gaps in Australia's financial crime prevention efforts. Key takeaways included:
- Compliance overhaul: Panellists emphasised the need for businesses to adapt to a heightened compliance burden, underscoring the opportunity to enhance internal controls and risk management practices.
- Technology's role: Advanced analytics and artificial intelligence were spotlighted as game-changers in detecting financial crimes, with calls for increased investment in innovative technologies.
- Legal perspectives: Legal implications of the new regulations were explored, emphasizing the need for clear and consistent guidance to ensure a smooth transition.
- Global cooperation: The session highlighted the international dimensions of financial crime, with panellists advocating for global partnerships to combat increasingly sophisticated threats.
Driving future innovation
The symposium underscored the importance of collaboration between academia and industry in tackling the multifaceted issue of financial crime. Discussions emphasised continuous education and training, equipping professionals with the tools to navigate an increasingly complex regulatory landscape.
As financial crime evolves, Griffith University remains committed to leading the charge in developing innovative, impactful solutions. This year's symposium not only deepened understanding but also inspired a collective effort to fortify Australia's financial systems against the growing threats of financial crime.
Find out more about the Academy of Excellence in Financial Crime Investigation and Compliance here.
