At the same time, though, the complexities of resolution planning, including resolving a number of cross-border issues, make this one of the more difficult issues facing both firms and regulators/supervisors and there is still considerable work to do. Through the reviews we’ve done thus far, we identified five capabilities that we asked firms to focus on in the near-term to enhance resolvability. These include: Collateral management •  Firms need to have systems capable of tracking and analyzing collateral received from or due to other parties – not just by counterparty, but also by legal entity and by jurisdiction. •  In addition, firms need to have the analytical capabilities to understand collateral requirements – both inflows and outflows – under a variety of stress scenarios, including resolution. •  And, in addition to the systems and analytics, firms need to have the people with sufficient knowledge of legal and operational differences in managing collateral across jurisdictions. 2  BIS central bankers’ speeches  Effective MIS around payment, clearing and settlement activities •  Firms should have a full understanding of all obligations and exposures associated with payments, clearing and settlement activities. This should include (but is not limited to): –  Information by legal entity for all customers and counterparties for these activities;  –  Financial market utility memberships and participation; and  –  Analyses on liquidity needs and operational capacity required to meet all payments, clearing and settlement obligations, including under stress scenarios.

The effort to eradicate financial scams requires cooperation and concerted action from all parties, not just of BNM and the financial industry, but also from law enforcement agencies, relevant Ministries and agencies, as well as the public. PDRM plays an important role in combating scams, and has implemented various initiatives on this front. This includes establishing the CCID Scam Response Centre to facilitate the reporting by the public of financial scams. BNM and the financial industry will continue to cooperate with PDRM to combat financial crimes. This includes supporting efforts to recover stolen funds and bring scammers to justice. To combat scams effectively, the cooperation of law enforcement agencies is key, especially to share information and intelligence. In this regard, BNM, together with PDRM, the Malaysian Communications and Multimedia Commission (MCMC), and the National Anti-Financial Crime Centre (NFCC), will work together to further elevate the CCID Scam Response Centre as a more systematic information sharing platform that will enable quicker action to prevent further losses. Through the centre, the agencies will also cooperate and coordinate measures to prevent scams, through the sharing of resources, expertise and data. Further details on this initiative will be announced in due course. In addition, the cooperation of MCMC, third-party service providers (e.g. telecommunication companies), and tech platforms (e.g. social media, ecommerce) will also be key to prevent these services from being abused for scams. In short, all parties play an important role in strengthening our collective defences to deal with the threat of financial scams.