Managing Financial Crime Risks in a Dynamic Financial System
Summary
This RegTech Round-up episode features David Coffey from Toronto Police, Gabriel Malegg from BMO, and David Stewart from Deloitte discussing the surge in Canadian financial crime. They highlight that reported fraud losses exceed $370 million in Toronto alone, with cyber-related scams like romance and investment fraud driving most incidents. The panel emphasizes the need for AI-driven detection, real-time intervention, and improved public-private information sharing to combat overseas fraudsters and emerging threats like deepfakes.
Topics discussed
Introduction to RegTech Roundup and panel overview
Panelist introductions: David Coffey, Gabriel Malegg, and Stewart
Statistics on white-collar crime and fraud losses in Canada
Bank technology strategies: AI, ML, and consortium solutions
Emerging fraud typologies: Cyber scams and romance fraud
Real-time intervention and end-to-end fraud prevention
Combating synthetic IDs and deepfake threats
The critical need for public-private information sharing
Senior citizen scams and shared liability legislation
Consumer advice: Digital hygiene and avoiding engagement
Challenges in money laundering charges and predicate offenses
Feedback loops, FinTrack, and closing remarks
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