

The Continued Convergence of Fraud and AML
9 snips May 21, 2025
Join Vesna McCreery, Managing Director at AML RightSource and a financial crime compliance expert with 25 years in banking, as she sheds light on the alarming convergence of fraud and AML. They discuss the staggering projected losses from fraud, driven by technology and real-time threats like deepfakes. Vesna highlights Australia's winning strategies through public-private partnerships and the need for improved data utilization and biometric controls. This insightful dialogue offers crucial strategies for tackling evolving financial crime challenges.
AI Snips
Chapters
Transcript
Episode notes
Fraud and AML Convergence
- Fraud and AML originated in different parts of the bank, with fraud in operations and AML in compliance.
- Their recent convergence is driven by digitized data and a massive growth in online fraud.
Global Fraud Trends and Australia
- Global fraud losses passed one trillion in 2024, growing everywhere except Australia.
- Australia's fraud dropped 25% due to real-time public-private partnerships involving telecoms and law enforcement.
Australia's Fusion Cell Success
- Australia uses a real-time fusion cell combining telecoms, regulators, and law enforcement to stop scams live.
- This approach led to a 25% drop in fraud within a year, demonstrating powerful cooperation.