Norges Bank will contribute with advice on the design of regulations in this area, but the Bank should not be formally responsible for regulations that include provisions on banks’ business practices and consumer protection. This should be the responsibility of the Ministry of Finance. Organisation of the GPFG and central banking functions Chart: Number of employees in Norges Bank The organisation of Norges Bank has changed considerably over time, particularly over the past 20 years. While central banking activities have been concentrated on core functions, Norges Bank has built up an investment management organisation that is responsible for managing the equity, bond and real estate portfolios of the GPFG. The Central Bank Law Commission proposes to remove the GPFG from the aegis of Norges Bank. The Commission recognises that the Bank has managed the GPFG and performed its central banking functions in a satisfactory manner. At the same time, the Commission points out that the GPFG would stand to gain from being placed under the management of a separate organisation with a board whose sole area of responsibility is investment management. In recent years, the investment mandate has been changed to give the Bank greater responsibility for determining the GPFG’s investment strategy. Investment management has also become more demanding in terms of resources for both the Executive Board and the organisation. In addition, the Bank has been given responsibility for decisions to exclude companies or place them under observation for ethical reasons.

We expect all financial institutions to properly inform and educate their customers on security measures implemented, and how customers can and should protect themselves. At the same time, various educational and awareness initiatives are being undertaken by relevant agencies, including the Financial Education Network (FEN) and Bank Negara Malaysia, such as through Amaran Scam Facebook page (facebook.com/amaranpenipuan). We also work with other law enforcement agencies and authorities to investigate fraud incidents and provide assistance and supports to victims. PDRM’s Scam Response Centre which was set up in collaboration with Bank Negara Malaysia, MCMC and the financial industry aims to ensure that immediate action can be taken to prevent further financial losses and attempt to recover stolen funds. For this, customers should lodge their complaints to their banks and the police immediately upon discovering that they have been defrauded or scammed. We are committed to working with other authorities to further strengthen existing arrangements in ongoing efforts to combat fraud and financial crime. This includes sharing of resources, expertise and data, as well as joint preventive measures. Compliance officers in the financial industry also have a role to play by being vigilant of emerging scam typologies and ensuring that response measures remain effective against new threats. I urge the entire compliance profession, including self-regulatory bodies, to take up leading roles to identify red flags and develop guidance to mitigate these threats. In 2019, we launched MyFINet to facilitate intelligence sharing on financial crimes.