to implementing reforms related to the eu acquis communautaire. it requires progress in the economic, legal and political domains. twinning projects help achieve exactly that : they assist in building a more democratic and open economy in ukraine. and they are always a two - way street : in these projects, institutions exchange, rather than transfer knowledge, thus broadening the perspective of everyone involved. the same applies to this twinning project for the nbu as well. it is a knowledge - sharing mission that will contribute to ukraine in fulfilling its european aspirations. 1 / 2 bis central bankers'speeches ladies and gentlemen, to paraphrase president reagan, the nbu is a shining city upon a hill whose beacon light guides freedom loving people in ukraine. and i am far from exaggerating. its achievements, professionalism as well as commitment as an independent and transparent central bank, delivering price and financial stability, cannot be overstated. its collaboration with international financial institutions, including the international monetary fund ( imf ), has helped ukraine remain on the path towards a more stable and prosperous future. from reforming the banking sector to undergoing a fundamental internal transformation, the nbu has skilfully navigated through often turbulent waters, gaining credibility in the eyes of partners and observers around the world. therefore, the prestigious central banking transparency award, granted to the nbu in 2019, was indeed well - deserved. the nbu ’ s culture, values and openness, its responsibility and clear communication has helped it achieve a hard - won trust with stakeholders and the general public. today, the nbu continues to establish itself within the international central banking community. i congratulate the nbu for recently becoming a member of the sustainable banking network as well as the network for greening the financial system. it displays the nbu ’ s commitment to building a more sustainable and greener financial system. i can therefore candidly say on behalf of the bank of lithuania that it is an honour and a privilege for us to work with the nbu in this project. i am confident that the twinning project will represent a qualitatively new stage in cooperation between our central banks, bringing about concrete results in the areas that it covers. ladies and gentlemen, i would also like to extend my appreciation to the colleagues leading the project from the narodowy bank polski ( nbp ) – an institution at the very top of the league of central banks. thanks to them the bank

qualified team of inspectors. there are no specific international standards on this matter. all the principles and recommendations mention supervision as the core component of prevention, but we are still in need of a standardized methodology. the third pillar is rating. we believe that specific rating mechanisms developed by local supervisors should be implemented, on the basis of an agreement on aspects such as components to be rated, and the rating systems applicable to financial institutions. although traditionally we have rated financial institutions mainly according to liquidity and solvency considerations in order to protect the stability of financial systems, we consider that rating banks on the basis of compliance with aml / cft regulations will be relevant. the last pillar concerns information sharing. guidelines for the use of information and to which extend it may be shared should be defined. all of this, with special emphasis on the analysis of the legal frameworks of the different jurisdictions. standards with these features would allow to enhance awareness of financial systems on aml / cft matters, providing them with a credible and stable framework for conducting their businesses and, in addition, for developing a valuable flow of information that can be exchanged between private sector parties and between the private and the public sector. this supervision methodology, in the process of being implemented in argentina, includes technical assistance from international institutions such as the world bank. our vision is fully consistent with the risk - based approach that allows financial institutions to focus their resources on those operations, transactions, customers and accounts that show greatest vulnerability to global crimes. these approaches - already adopted by countries such as the united states - are included in several of the regulatory aspects proposed by the us patriot act, and are in line with the spirit of many of the recommendations of the fatf. the risk - based approach recognizes that the banking business has peculiarities linked to cultural and historical matters associated with each region. therefore, any regulatory framework must be flexible enough to be able to ensure certain discretion to member countries, being applied on the grounds of their knowledge of their own banking and financial practices. there is no unique solution or pre - established methodology for governments or international institutions to define the nature and content of a risk - based approach. nevertheless, certain principles have been developed, describing basic concepts, which serve as a guide to develop and implement a system that can operate reasonably. however, specific aspects must be developed by the institutions on the basis of the particularities of each case. standards that, for example, break down risk into three vectors - country risk, customer risk and service