M26111 – Financial Fraud Schemes and Red Flags (Online)
A session supported by The Malta Bankers Association, The Malta Police Force and The MIA AML Group
Registration Time: 09:00
Sessions Time: 09:15- 12:30 including a 15-minute break
Speakers:
Inspector Claire Borg – Malta Police Force
Mr Ryan Caruana – BOV Bank
Dr Rakele Cini – MIA AML Group
Mr Scott Lee Holloway – APS Bank
Ms Joette Sciortino – MIA AML Group
Venue: Online Webinar
Participation Fees
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00
*Group bookings for 3 or more participants available.
Background Information
Financial crime continues to evolve at a rapid pace, presenting new challenges for businesses and practitioners alike. This session will explore current fraud schemes, emerging financial crime trends, and key red flags that professionals should be aware of from both a banking and anti-money laundering perspective. Participants will gain practical insights into common fraud typologies, warning signs, and measures that can help identify and mitigate risks in their day-to-day work.
Agenda
Session 1: Emerging Fraud Schemes and the Evolving Threat Landscape
09:20 – 09:50
Presentation Speaker(s): MBA Representative & FCID Representative – Mr Ryan Caruana and Insp.Claire Borg
Topics:
Emerging fraud typologies in Malta and internationally
Social engineering and impersonation scams
Business Email Compromise (BEC)
Investment and cryptocurrency fraud
Mule accounts and organised criminal methodologies
Recent trends observed by banks and law enforcement
09:50 – 10:25
Moderated Panel Discussion – Mr Ryan Caruana
Discussion points:
How fraud schemes are evolving
Why certain frauds continue to succeed
Warning signs observed by different stakeholders
Emerging risks and future developments
Reporting to whom and what to do after
Session 2: Prevention, Detection and Reporting
10:25 – 10:55
Presentation Speaker(s): Bank Representative & MIA AML Group Representative – Mr Scott Lee Holloway and Dr Rakele Cini
Topics:
Fraud detection mechanisms
Transactional and behavioural red flags
Common indicators encountered by subject persons
Reporting obligations and escalation processes –also from the victims perpsective
Practical challenges faced by institutions
10:55 – 11:10
Break
11:10 – 11:35
Moderated Panel Discussion – Dr Rakele Cini
Discussion points: – education
Detection versus prevention
Cooperation between institutions
Challenges in identifying suspicious activity
Practical experiences from investigations and reporting
Session 3: Following the Money – From Fraud to Money Laundering
11:35 – 12:00
Presentation Speaker(s): FCID Representative & MIA AML Group Representative – Insp. Claire Borg and Ms Joette Sciortino
Topics:
The link between fraud and money laundering
How criminal proceeds are moved and concealed
AML red flags associated with fraud proceeds
Real-life case studies and lessons learned – brad pitt case
Highlight how this effects all – cyber worker marrying the daughter of prince of spain
The use of AI
Expectations of banks, accountants and other subject persons
12:00 – 12:30
Moderated Panel Discussion – Ms Joette Sciortino
Discussion points:
The role of each stakeholder in tackling financial crime
Information sharing and cooperation
Gaps in the current framework
Key takeaways for MLROs, AML officers, accountants, bank staff and law enforcement personnel
Why is the session of relevance to our members?
Financial fraud continues to pose significant risks to organisations of all sizes, making it essential for accounting and finance professionals to remain vigilant. This session will equip members with the knowledge needed to identify common fraud schemes, recognise key warning signs and red flags, and strengthen internal controls to mitigate fraud risks. By enhancing their ability to detect and respond to potential fraudulent activities, participants will be better positioned to safeguard organisational assets, uphold professional standards, and contribute to effective corporate governance.
Target Audience
This session is particularly relevant for accountants, auditors, compliance professionals, MLROs, risk practitioners, CSPs, financial services professionals, banking personnel, and anyone involved in financial crime prevention, anti-money laundering, governance, or risk management functions. It will also be beneficial for professionals seeking to enhance their understanding of emerging fraud risks and regulatory expectations.
Speakers’ Profiles
Dr Rakele Cini is a legal consultant with many years of experience in AML/CFT, regulatory and compliance advisory. She primarily advises local & international firms / practitioners operating within the regulated industries on matters relating to the prevention of money laundering & funding of terrorism, due diligence, risk management, good governance, and other compliance areas. Dr Cini is an active member of the MIA AML Committee.
Mr Ryan Caruana holds the position of Group Chief Anti-Financial Crime Officer and Money Laundering Reporting Officer, in which he drives strategic initiatives, enhances the organisation’s resilience, and fosters partnerships for effective financial crime risk management.
Mr Caruana is a seasoned professional with an extensive background in law enforcement, investigations, financial intelligence, and financial crime risk assessments. He possesses a deep understanding of the financial crime landscapes and regulatory frameworks through his experiences and assignments both locally and on the international scene.
For the past years, Ryan has been an MLRO and Head of Financial Crime Compliance, ensuring compliance with anti-money laundering and counter-terrorism financing measures. Ryan holds a Master Degree (MSc) in Forensic Accounting from Portsmouth University UK, a Master Degree in Business Administration from Chester University UK, a graduate from the International Compliance Association (ICA) and a Certified Anti-Financial Crime Professional (CAFCP).
Mr Scott Lee Holloway is Head of Customer Experience at APS Bank and a Board Member and Treasurer of the Customer Experience Professionals Association (CXPA). A TEDx speaker, published author and international awards judge, he is a contributor to the best-selling book CX5 and is recognised among the world’s leading customer experience professionals. Scott specialises in customer experience strategy, customer vulnerability and complaints management, using customer insight and accountability to drive better outcomes for customers and organisations.
Joette Sciortino is a Partner at EY Malta. She joined the firm in 2006 after obtaining a Degree in Accountancy from the University of Malta. She has significant experience in the financial services industry particularly in supporting and leading various financial crime and regulatory projects. She has been seconded to EY UK whereby she has led various cross-border financial crime engagements. Joette is a member of the Malta Institute of Accountants and a Certified Public Accountant.
Inspector Claire Borg: I am a Senior Police Inspector with eighteen years of experience in financial crime investigations, cybercrime, forensic document examination, and frontline policing. Throughout my career, I have led complex fraud and money laundering investigations, including cross-border and cryptocurrency-related cases, while managing specialised investigative teams within the Malta Police Force.
I have successfully handled high-profile investigations, presented cases before the Law Courts of Malta, and collaborated with national and international stakeholders in combating financial and cyber-enabled crime. My areas of expertise include online fraud, scam prevention, and emerging threats associated with advancing technologies.
In addition to my investigative responsibilities, I actively contribute to public awareness campaigns and professional training initiatives aimed at strengthening prevention, detection, and response measures against online fraud and scams.