Malaysia’s Central Bank, in partnership with the Financial Intelligence Consultative Group (FICG), will be co-hosting the AML/CFT Hackathon 2023 from June 1 to 28, 2023 to develop digital solutions to help combat financial crime.

Bank Negara Malaysia (BNM) Deputy Governor Marzunisham Omar said in a statement on Thursday that global challenges require global solutions.

“Financial crime is a global issue, and we all have a role to play in maintaining the integrity of the financial system,

“We are pleased to continue our long-term partnership with FICG through this search for creative solutions to curb financial crimes, particularly scams, from talented individuals across the region,” he added.

The AML/CFT Hackathon 2023, which will be held virtually, will feature workshops and mentoring sessions run by experts in cybersecurity and anti-money laundering/counter-financing of terrorism (AML/CFT).

Participants will work in teams to prototype innovative digital solutions to specific problem statements identified by the organizers, which reflect real-world pain points in combating serious financial crimes today.

Pitches will be evaluated in three separate tracks to reflect different categories of participants: public sector (e.g., law enforcement agencies), private sector (e.g., reporting institutions, fintech companies) and open category (e.g., freelance developers, students).

Participants stand a chance to win up to $5,000 as well as an opportunity to present their winning prototypes to senior financial intelligence officials from across the region.

The AML/CFT Hackathon 2023 builds upon past efforts by BNM and Australian Transaction Reports and Analysis Centre (AUSTRAC), and is now in its third instalment following the International FIU Codeathon in 2017 and the ASEAN- Australia Codeathon in 2018.

Prototypes developed include, amongst others, enhancement of AML/CFT compliance and suspicious matter reporting by applying artificial intelligence.

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