They add that the transboundary nature of financial crimes make data sharing between jurisdictions tricky
A CALL went out on Thursday (Nov 7) for more industry sectors – specifically those which could be used by criminals to enable fraud and money laundering – to be roped into stopping fraud and tracking down illicit fund flows.
A panel of four financial regulators and service providers, who were airing their views in a forum at the ongoing Singapore Fintech Festival 2024, identified social media networks and crypto exchanges as possible partners in the fight against such crimes.
The panellists noted that progress has been made in some countries to involve parties beyond the financial regulators; in Singapore, for example, the telco sector has been included in the Shared Responsibility Framework for scams, but they added that still more can be done to engage other partners.
