Good morning and thank you to Thomson Reuters and Asian Legal Business (ALB) for inviting me to address the Pan Asian Regulatory and Anti-Corruption Compliance Summit this year. I am grateful for this opportunity to discuss some of the strategies the Securities and Futures Commission (SFC) has implemented to combat financial crime and misconduct.
Recently, it feels as if a cornucopia of tools straight from science fiction movies is conspiring to make the most vigilant of us fall prey to increasingly sophisticated scams. The elaborate plot of a Hollywood movie such as “Ocean’s Eleven” featuring conmen trying to scam a Vegas casino owner may take two hours to unfold, but today this would take only 15 minutes in real life using deepfake technology and a Zoom call. And that would cost much less than a cast including George Clooney and Julia Roberts.
As the methods and tools available to fraudsters are continuously upgraded with each new wave of technological disruption, we must ensure that we adapt our strategies to those new threats.
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