Wednesday, September 12, 2012

ARI-CONG Collaboration on AML-CFT

The Accounting Research Institute (ARI) thanks the chairman of the Compliance Officer Networking Group (CONG), Mr Mad Yusuf and other CONG members for agreeing to meet up with ARI researchers.  The meeting which was held at the Institute of Bankers in Kuala Lumpur was also attended by ARI visiting professor Dr Milind Sathye.  Prof Sathye who is currently attached with the University of Canberra, Australia is an expert in Anti Money Laundering and Counter Financing of Terrorism (AML-CFT).  The meeting aims to discuss a research instrument that has been developed by ARI to determine the perception of compliance officers on the cost of compliance of AML-CFT regime.  A total of 26 compliance officers from various financial institutions attended the ARI-CONG meeting.  As a Higher Institutions' Centre of Excellence (HICoE), ARI research niche is in the area of Islamic Financial Criminology (IFC).  IFC in turn is divided into two main domains, namely Islamic Finance and Financial Criminology.  Within the Islamic Finance domain, ARI works collaboratively with various agencies at national and international levels to develop new Islamic Finance products for the industry.  Similarly, the financial criminology domain focuses on three aspects of financial crime: AML-CFT, Non-Profit Organizations and Fraud risk indicators.