Skye Roberts | Head of Risk & Compliance
12th September 2024
The Australian Financial Crime Summit has hit its ninth year, and it's clear that this event isn't just about conversations—it's about action. With a theme like "Safeguarding Australia's Financial Future – Unleashing the Power of Collaboration against Financial Threats," you know you're in for a deep dive into the strategies that will shape the future of financial crime management. But don’t worry, I’ve distilled the insights into three core takeaways: Connect, Create, and Be Curious.
If there's one thing that stood out this year, it's that collaboration isn't just a buzzword—it's a lifeline in the fight against financial crime. This isn’t just an issue for banks; it crosses into industries like telecommunications, gaming, and even law enforcement. The Summit kicked off with leaders from these sectors sharing their stories, and while collaboration sounds like a no-brainer, it's easier said than done.
Australia is on the brink of major reforms—think changes to the Privacy Act, AML/CTF Act, Digital ID, and more. Each of these pieces of legislation has the potential to either foster collaboration or create silos, depending on how they’re implemented. At Zepto, we have actively contributed to submissions on some of these reforms and will continue advocating for meaningful changes that provide favourable settings for a collaborative approach to tackling financial crime.
The key takeaway? Sharing intelligence, best practices, and techniques isn't optional. It’s essential. As a provider of real-time account-to-account payments, Zepto processes billions of transactions annually and can play a key role in collaboration and intelligence sharing. I hope the many valuable connections I made at the Summit will help me make this happen.
The days of relying solely on annual risk assessments that never see the light of day and periodic customer KYC reviews driven by 1, 3 and 5-year cycles are long gone. Dr. Nathan Newman's session emphasised the necessity of dynamic customer risk assessment to drive effectiveness in financial crime risk management. Real-time intelligence and anomaly detection enable immediate action against evolving financial crime threats, far surpassing the effectiveness of the periodic review cycles driven by a stagnant AML/CTF program.
Of course, AI was a big buzz at the Summit. A panel featuring Punit Kaushik, Anthony Hope, and Jawad Ali Latif explored how AI is transforming transaction monitoring. But here's the kicker: AI isn’t a magic bullet. It's a powerful tool, sure, but only when used in tandem with human expertise. Machines can spot patterns in massive data sets, but it’s humans who can interpret the nuances and make informed decisions.
The takeaway here? Innovation is no longer a luxury—it’s a necessity. If you’re not leveraging data and technology to fight financial crime smarter, you’re already behind. At Zepto, we’re embracing this future, ensuring that our tools aren’t just shiny add-ons but integral to our strategy.
One of the most interesting discussions at the Summit revolved around the evolving career landscape in financial crime. Many of the seasoned pros I spoke to didn’t set out to work in this field—they "fell into it." But that’s changing, thanks to initiatives like the collaboration between Griffith University and CBA to launch the Academy of Excellence in Financial Crime Investigation & Compliance. This is a game-changer, offering a structured path for the next generation of financial crime fighters.
Now, while I’m not planning on pursuing a PhD anytime soon, I’m genuinely excited about the specialised short courses that could complement my on-the-job learning. Continuing education is key to staying ahead of the curve in this ever-evolving field.
As I walked out of the Summit, I felt something I didn’t expect: optimism. Yes, the challenges are real, and there’s always more to be done, but the energy and commitment I saw from industry professionals were inspiring. By focusing on connection, creation, and curiosity, we’re not just talking about reducing financial crime—we’re actively shaping a safer financial future for all of us.
Here’s to a future where collaboration isn’t just encouraged, it’s standard practice. Where innovation drives results. And where curiosity leads the charge in advancing our profession.
Skye joined Zepto in early 2022 in the role of Senior Legal Counsel, and was quickly promoted to Head of Legal. In a new broader remit, she will lead Compliance, Risk, Financial Crime Compliance & Fraud as Zepto's Head of Risk & Compliance.
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