BNM announced winners of the AML/CFT Hackathon 2023

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BNM announced winners of the AML/CFT Hackathon 2023
  • Participants from regulatory bodies, law enforcement, financial institutions, undergrads​
  • Calls for relevant stakeholders to explore digital tools prototyped & combat financial crimes

Winners of AML/CFT Hackathon 2023 with Assistant Governor Abd. Rahman Abu Bakar (seventh from right).

Bank Negara Malaysia (BNM) has announced the winners of the Anti-Money Laundering/Counter Financing of Terrorism Hackathon 2023. The Hackathon was launched in April and attracted over 660 participants from 140 teams, representing more than 20 countries from the Asia-Pacific region. 

The event participants comprised of regulatory bodies, law enforcement agencies, financial institutions, private entities and undergraduate students. Each group competed to develop prototypes of innovative digital tools to combat financial crimes. 

Workshops and mentoring sessions during the Hackathon, conducted by 30 technology and AML/CFT experts, helped equip and motivate the participants.

BNM announced winners of the AML/CFT Hackathon 2023BNM Deputy Governor Marzunisham Omar (pic) said, “The winners’ prototypes illustrate that we can indeed outsmart financial crimes with innovative solutions. The important task ahead is to convert these prototypes into real digital tools. I call on financial institutions and regulatory bodies, as well as law enforcement agencies, to explore these digital tools, so that together we can effectively combat financial crimes.”

SentinelGuard by KoderX aims to reduce malware and impersonation attacks, by streamlining communication services between banks and end-users, leveraging on an end-to-end encryption mechanism platform.

The winners of AML/CFT Hackathon 2023 are:

Public Sector:
Champion: Verifier FIX by Verifier (Australia) is a platform that allows banks to exchange customers’ level of financial crime risks while preserving privacy. 

1st Runner-Up: CBI (India)
2nd Runner-Up: TrackAML (Indonesia)

Private Sector:
Champion: OmniQuest by RMATES (Malaysia) uses patterns and anomalies from the digital footprint of mobile devices to detect suspicious activities in real-time such as irregular timing and locations of transactions on a real-time basis.

1st Runner-Up: The Interns (Malaysia)
2nd Runner-Up: Currypuff (Malaysia)

Open Category:
Champion: SentinelGuard by KoderX (Singapore) reduces malware and impersonation attacks by streamlining communication between banks and end-users, leveraging on an end-to-end encryption mechanism platform.

1st Runner-Up: H7N (Brazil)
2nd Runner-Up: MATA (Malaysia)

Champions for each category received cash prizes of US$5,000 (RM23,300). They will also be able to present their winning prototype to the heads of delegates of Financial Intelligence Units at the upcoming Financial Intelligence Consultative Group (FICG1) meeting in July.

The judges comprised industry experts from Malaysia, Australia, Indonesia, New Zealand, and the United States.