KUALA LUMPUR, Oct 6 - The financial sector 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 had also been recovered over 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 in his opening remarks at the International Conference on Financial Crime & Counter Terrorism Financing (IFCTF) 2026 today.
He said it had 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 the progress had been built on three main foundations - stronger laws, stronger institutions and a stronger understanding of risk and supervisory approaches.
He said these efforts had strengthened Malaysia’s Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Countering Proliferation Financing (CPF) regime, culminating in positive recognition in the 2025 Mutual Evaluation.
Turning to online fraud, Abdul Rasheed highlighted that about 95 per cent of cases involved victims who were deceived into transferring funds themselves.
He warned that artificial intelligence (AI) agents could 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.
Abdul Rasheed said these developments had 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.
