##n enables them to automatically trigger and settle claims. it will mean vastly faster settlement of claims, 1 and the better service that customers in asia will come to expect. 10. life insurers in the region are also teaming up with fintechs, or establishing dedicated innovation labs of their own. we have five such innovation labs helmed by life insurers in singapore. other insurers collaborate with fintechs to co - develop solutions – as prudential has done with its pru - fintegrate programme. these are often focused on digital distribution, achieving customer centricity, as well as testing iot devices and solutions. from insurance agents to trusted advisors 11. at the end of the day, the digital transformation will also transform the jobs of insurance agents or financial consultants. as technology is applied to more tasks within the insurance value chain, some adjustment, re - skilling, and re - scoping of roles will be necessary. agents, freed from repetitive processing and queries, will be able to focus on a deeper understanding of the financial needs of the customer. 12. prudential singapore has begun this transformation, equipping their financial consultants with its cognitive chatbot askpru since august 2017. ( askpru instantly retrieves information about a customer ’ s policy and status of submitted claims, amongst other details, enabling financial consultants to respond to their customers faster. ) askpru is also expected to reduce 2 / 3 bis central bankers'speeches call volumes at its contact centre by 30 per cent, freeing up call centre staff to assist customers and consultants with more complex queries. financial consultants are also equipped with pruone express, a digital point - of - sale portal which uses fingerprint authentication by agents, and smartdata capture and is able to generate a detailed quotation within three seconds, enabling agents to discuss and assess possible protection plans with their clients on the spot. ultimately, the role of the insurance agent will continue to evolve : from selling standalone life or health insurance products, to more holistic wealth and risk management advice, and in essence to being a truly trusted advisor. given the growing 13. demand for risk management and compliance related roles in the industry, i also encourage insurers to consider reskilling some of their agents to take on such roles. 14. prudential ‘ s new office, which is designed to promote maximum mobility, productivity, innovation and healthy living amongst its employees, echoes the aspirations of

and tf threats undermine the confidence and stability of financial systems. there are also high social and political costs. 7. this is why at national levels, many countries including singapore have taken holistic measures to address ml / tf risks. besides a multitude of actions relating to laws, regulations, penalties and public awareness, specific tools also include the ability of regulators and law enforcement authorities to carry out risk surveillance, investigation and information exchanges. a number of international organisations and groupings, including the financial action task force ( fatf ), imf, g20, oecd ’ s global forum on tax, the egmont group etc. have also co - ordinated international efforts to tackle the problem in a comprehensive manner. this is essential given the trans - national nature of the threats. 8. the fatf – which is the international standard setting body – has also sought to develop more guidance relating to various sectors and entities. many of you will be familiar with the fatf recommendations on money laundering, terrorism financing and proliferation financing. in 2012, 1 / 5 bis central bankers'speeches the fatf enhanced its recommendations to put emphasis on effectiveness. that is, merely having rules in place is not enough. fatf also developed a more systematic framework for peer reviews. 9. let me turn to developments in singapore. 10. we have a comprehensive legal and regulatory framework, in line with global standards. we will continue to enhance our anti - money laundering ( aml ) and countering the financing of terrorism ( cft ) regime. 11. last year, the mas decided to consolidate some of our supervisory resources into a single aml department so that we can further deepen our technical expertise and focus in this area. this will allow us to better streamline supervisory efforts across various sectors of finance such as banking, insurance and capital markets. at the national level, the aml department coordinates aml / cft strategies across all economic sectors, together with other government agencies. 12. the financial sector is a critical component of our national aml / cft defences. mas ’ framework involves four key elements : ( a ) progressive regulations ( b ) intensive supervision ( c ) rigorous enforcement ( d ) international co - operation and industry partnerships 13. firstly, on regulations. mas regulations for the financial sector are benchmarked to global standards. over the years, we have updated our requirements to keep them current and relevant. 14. but regulations are defined sets of rules and requirements.