Dr. Walter Fung invited Mr. Tony Tse to share “Fraud,
Money Laundering and Terrorist Financing – Implication for Society – Teaching
and Research Opportunities” with his student in COMP 5569 – Fintech Regulation
and Compliance on 17th Jan 2025. We took a photo with Tony for
memory.
Mr. Tony Tse has left the Police force and working for
business as related to cryptocurrency. And tonight’s talk entitled “What is an
effective automated detection system to detect fraud and money laundering
activities.” Firstly, Mr. Tse briefed financial institutions which spent
millions to incorporate automated detection system (ADS) to detect suspicious
activities within accounts.
Then he introduced some practices such as transaction
monitoring. Firstly we needed to understand clients’ portfolio. And then
he briefed the history on use of legal persons and arrangements from 1980 to
2019. After 2019 COVID period, virtual banks were introduced.
After that we discussed large fund and fast movement
between bank accounts and different locations (especially cross-border
transaction). Dr. Walter Fung also gave comments on smurfing and structuring
transactions.
“While an effective ADS should generate true positive
alert, in reality many false-positive alert was generated.” Said by Tony. It
included cash kitting / circular flow of fund and U turn transaction. Finally,
he introduced some of the techniques used by criminals to bypass this automated
detection system.
Loan Fraud / Bankruptcy Fraud were also discussed.
Lastly, he explained the mechanism of e-shopping
fraud. Dr. Walter Fung developed this
course is very useful and meaningful!
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