INTHEBLACK November 2026 - Magazine - Page 42
PODCAST
Strengthen
financial
crime controls
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As fraud, scams and money laundering
become increasingly sophisticated,
organisations can no longer afford to
treat financial crime prevention as
a simple compliance exercise.
In a recent With Interest podcast episode, Vincent Mok,
group chief risk officer at GXS Bank, urges businesses to
shift from reacting to threats to anticipating them.
FROM DEFENCE TO PREVENTION
“For us to combat financial crime, it is really a game of
chess,” Mok says. “You set safeguards and set controls,
and then they will figure out how to bypass the system.”
In a changing landscape, he says, organisations must
respond by moving from the defensive to also
be on the offensive. “Playing defensive means you will
always end up playing the catch-up game. You will think
about what is actually hitting the business and then you
implement controls.”
He argues that organisations should build fraud
prevention into products and services from the outset
rather than waiting for incidents to occur. Effective fraud
controls require continuous monitoring because criminals
are constantly testing systems for weaknesses.
“The reality is that they will attack you throughout
the [product development] process. They will.”
A SHARED RESPONSIBILITY
With Australia expanding anti-money laundering and
counter-terrorism financing obligations, Mok stresses that
preventing financial crime is a shared responsibility across
banks, accountants, lawyers and other professional advisers.
“Everyone has a role to play.”
As criminals increasingly deploy AI in their attacks,
organisations must embrace new technologies to stay
ahead, he says. “We have to use AI to fight AI.”
With Interest: How to strengthen financial crime controls
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42 INTHEBLACK November 2026
