New tendencies and challenges in Fraud and Compliance

On March 15-16, EBA organised a practical workshop for its members on “Fraud, Compliance and Security of IT Systems. Trends and challenges”. This event was organised in collaboration with the Association for Preventing and Eliminating Fraud (APCF) of Romania, with the financial support of EU-TA DCFTA Project.

The know-how of the event was provided by Alin Becheanu (APCF president), Daniel Varzaru (APCF) and George Dragusin (APCF), who covered the areas of fraud, information security and anti-money laundering. The workshop had a great attendance from the banking sector, IT software developers and big international companies, which clearly expressed the need to adjust the used IT systems to international best practices in terms of security standards, by considering fraud and compliance internal control procedures. This domain is insufficiently explored in the Republic of Moldova, whereas the need for compliance is high. The event was also attended by representatives of the National Bank of Moldova, the Ministry of Finance and the State Tax Service.

Alin Becheanu focused in his presentation on fraud, especially on committing fraud, tendencies, costs, the characteristics of a fraudster, the required qualities of an investigator and ways to build an anti-fraud program. George Dragusin offered more insight on security, specifically on the definitions, causes and risks of cybercrime, the difference with traditional crime, the actors and the phases of the attacks. He has discussed the security myths that still persist, the new targets, how to respond to incidents, offering also a new perspective on press and client relations. Last but not least, the participants of the seminar where given awareness on upcoming 2017 challenges and forecasts in security of IT systems. The workshop ended with practical advice from Daniel Varzaru, who debated famous cases of money laundering, clues for identifying schemes, how to react by knowing the customer and creating bulletproof measures, especially with the assistance of the EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The participants have described their areas of interests, the cases they have encountered and application of local and international legal frameworks. Along with them, the public authorities suggested some recommendations.

This event is a continuation of the collaboration between EBA and APCF, who jointly seek to offer demand-driven activities and create an anti-fraud culture. EBA thanks EU-TA DCFTA Project for their support in organizing such a relevant event that supports and offers value for the Moldovan business sector.