COMP 5569 Guest talk for detecting fraud and money laundering activities

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 17^th 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!

Reference

COMP, PolyU - https://www.polyu.edu.hk/comp/

PolyU Open Forum - AI and Fintech Applications for Banking, Finance and Servicing Industries

The Open Forum named “AI and Fintech Applications for Banking, Finance and Servicing Industries” organized by Department of Computing, The Hong Kong Polytechnic University on 6^th July 2019.  The City University of Hong Kong Engineering Doctorate Society (CityU EngD Society) and Hong Kong Society for Quality (HKSQ) were supporting organization.  Recently, Hong Kong government has granted some 8 virtual bank licenses. New business models adopting such technologies disrupt the value chain and our way of living.  This open forum aimed to share experts’ views on how AI and Fintech can be deployed to benefit Hong Kong and its international business. During registration, I met CityU EngD cohorts and took photos for memory.

(Left: Dr. Walter Fung, Dr. Pang Yuen, Dr. Samuel Fung and I)

(Left: Dr. Keynes Chan, Dr. Samuel Fung, Dr. Rocky Lam, Dr. Pang Yuen and I)

I also met Mr. Coleman Tse (GM, HKQAA)

I took a photo with Mr. Harry Li (Founder, Circular Economy (HK) Ltd.)

I recognized Mr. Homa Ho (何湛康) (首席探索官, 深圳前海普佳商務服務有限公司) (middle) and PolyU graduate in building service.

In the beginning, Dr. Walter Fung (Teaching Fellow, COMP, PolyU) introduced the forum aim and speakers.

Prof. Li Qing (Chair Professor and Head of Computing, PolyU) gave opening remarks.  He introduced the only degree course of Fintech in Hong Kong named “The BSc (Hons) in Financial Technology and Artificial Intelligence”.

Then all guests and speakers took a group photo.

The first speaker was Dr. Allen Au (Associate Professor, COMP, PolyU) and his topic entitled “Blockchain, Again?”  He introduced Blockchain, Cryptocurrency ecosystem, Smart Contract, Application in Finance Industry and Challenges, etc.

Firstly, Dr. Au briefed the blockchain in three levels and they were applications (ledger), data structure and consensus. It transferred value digitally without trusted third party.  People had single view of history.  Blockchain transferred from trust someone (computation by responsible party) to trust the technology (verification by re-execution).

HKQAA Green Finance Certification Scheme Presentation Ceremony cum Forum 2019

I was honor to be invited as VIP represented Hong Kong Society for Quality to attend Hong Kong Quality Assurance Agency (HKQAA) Green Finance Certification Scheme Presentation Ceremony cum Forum 2019 on 25^th Mar 2019.  Green Finance is a strategic tool for promoting the economic development and regional cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area and along the Belt and Road. In keeping with the development of the national Green Finance policy and being supported by the Hong Kong SAR Government, HKQAA has taken the lead to develop the Green Finance Certification Scheme to provide third-party conformity assessments for Green Finance issuers since 2016.  Before the ceremony, I met many HKQAA friends and we took some photos for memory.

Photo with Mr. Wong Ka Wo, Simon (Deputy Chairman, HKQAA), Mr. Bryne Pang and Ms. Bess Choi.

Photo with Mr. Calvin Luk, Ms. Bess Choi and Mr. Edmond Fung.

Photo with Mr. Adams Wong

Photo with Ms. Meico Cheong

I met cohort of CityU Eminence Society Dr. Wilson Chan (Associate Director of MBA Programme, CityU) and he was one of panelists in the forum.

I also met my teacher Dr. CN Ng (Associate Professor, Dept. of Geography, HKU) during my study HD and MPhil.

Before the event start, I visit the HKEX Exhibition Hall.

Today’s Hang Seng Index was observed.

In the beginning, Ir Dr Hon Lo Wai Kwok (Chairman of HKQAA) gave the welcoming remarks. He said green finance was also acting as a strategic tools for promoting economic development and regional cooperation in the Greater Bay Area (GBA) and along the Belt and Road.

The Hon Matthew Cheung Kin-chung, GBM, GBS, JP, (The Acting Chief Executive of the Hong Kong Special Administrative Region) gave the opening remarks.  He said that Hong Kong government placed a high priority on developing the economy on a sustainable basis and on becoming a regional hub for green finance.

Then group photos were taken.

(Left: Mr. Wong Ka Wo, Simon, Mr Wong Kam-sing (Secretary for the Environment), Ir C S Ho, The Hon Matthew Cheung Kin-chung (The Acting CE, HKSAR), Ir Dr Hon Lo Wai Kwok, Mr James Henry Lau (Secretary for Financial) and Dr Michael P H Lam)

Then HKQAA board members with guests took a group photo

The first speaker was Dr. Nigel H Croft (Chairman of ISO Technology Subcommittee (ISO/TC 176/SC2); Associate Technical Director of HKQAA) using video presentation and his topic was “ISO 14030 – The Upcoming First ISO Standard for Green Bonds).  Firstly, Dr. Nigel Croft introduced HKQAA achievements such as accredited by Clean Development Mechanism (CDM) under United Nations Framework Convention on Climate Change (UNFCCC) (2011), Hang Seng Corporate Sustainability Index (2014), Observer of Green Bond Principles under International Capital Market Association (ICMA) (2018) and Approved Verifier under Climate Bonds Standard (2018).  

PolyU Open Forum - Entrepreneurship in GBA driving the changes in Technology, Business and Society

The Open Forum named “Entrepreneurship in Greater Bay Area (GBA) driving the changes in Technology, Business and Society” organized by Department of Computing, The Hong Kong Polytechnic University on 17^th Nov 2018.  The City University of Hong Kong Engineering Doctorate Society (CityU EngD Society) and Hong Kong Society for Quality (HKSQ) were supporting organization.  This open forum aimed to share scholars and professionals views on how we can grow this GBA together, driving the changes in technology, business and society. I met Dr. Thomas Chan and took a photo together.

Then I took a photo with CityU EngD cohorts Dr. Walter Fung and Dr. Pang for memory. 

Dr. Hongyi SUN (Asso. Professor, SEEM Dept., CityU) supported the forum.

HKSQ as one of supporting organization.  I took a photo with Mr. Peter Fung (Former Chairman, HKSQ).

Before the forum start, Dr. Herbert Yeung (President, CityU EngD Society) and Dr. Walter Fung took a photo in front of the banner.

The first speaker was Mr. Joseph Chan (Founder and CEO, AsiaPay Group) and his topic entitled “E-Payment in Greater China and Asia”.  Firstly, Mr. Chan briefed the background and introduced the new era of ePayment that focused on different technologies including FPS/QR Open API, 3D Security 2.0, Smart POS, Blockchain, Big Data, VR, AI and Biometric Recognition, etc.  Application was found in Mobile plus Retail Payment.

CityU the 1st Workshop on Financial Data Analysis

The 1^st Workshop on Financial Data Analysis was co-organized by Hong Kong Institute for Data Science (HKIDS) and School of Data Science, CityU held on 14^th Nov 2018.  The workshop aimed to bring together a unique group of active researchers from academia and industry to share with each other the latest research on the fusion of data science and finance. All participants had a group photo for memory.

Before the workshop, I have took a photo with Prof. Duan Li (Acting Dean and Chair Professor of Operations Research, School of Data Science).

I met Dr. Inez M. Zwetsloot (Assistant Professor, SEEM) and we had attended ANQ Congress 2017 in Nepal together.

I also took a photo with Dr. Wen Zhang (張雯) (Senior Manager, Vector Lab, Risk Management Department, JD Finance (京東金融)) for memory.

In the beginning, Prof. Duan Li gave welcome address. He briefed the aim of the workshop and introduced School of Data Science.

The first speaker was Prof. Tony He (University of Technology Sydney) and his topic entitled “Information Diffusion and Speed Competition”. He briefed the Publicly available information for Trader and Firm.