Terence Chau, Director of Risk and Compliance at Austreme, will attend the Cyber Intelligence Fraud Detection conference hosted by Mastercard Asia Pacific Fraud Advisory Council at the Grand Hyatt Hotel in Kuala Lumpur on 26-27 October 2023. As a guest speaker, he will share his expertise on “Know Your Merchant (KYM) – Tips to spot shell businesses and their transaction laundering”.

Shell businesses are often used to conceal the true source and nature of transactions. Their existence is mainly formal and lacks substantive businesses and assets. They are often used for money laundering, tax evasion, fraud, and other illegal  or non-compliant business activities.

In order to combat transactional money laundering and shell businesses, financial and regulatory agencies in various countries have adopted a variety of measures, such as strengthening due diligence, transaction monitoring systems, and regulatory oversight. Terence will share his professional insights in this area with risk managers and senior executives in attendance.