be conducted ; fourth, customers will be restricted to one mobile or secure device for the authentication of online banking transactions ; and fifth, financial institutions will be required to set up dedicated hotlines for customers to report financial scam incidents. financial institutions have been directed to be more responsive to scam reports lodged by customers. financial institutions have also been directed to facilitate efforts to recover and protect stolen funds, including to work with relevant agencies to prevent further losses. in addition, financial institutions are required to provide convenient ways for customers to suspend their bank accounts if they suspect that their accounts have been compromised as a result of a scam. customers will also be able to subsequently reactivate their accounts after a reasonable period to ensure that their accounts are secure. in short, bnm and the financial industry will continue to ensure that banking and payment channels remain secure and equipped with up - to - date security controls. the tighter security controls are being put in place to deter efforts by criminals to scam consumers. however, these controls may also inevitably lead to some friction or inconvenience in the online banking experience of customers. for example, online banking transactions might take a little longer to process. financial institutions will also conduct more checks when customers request to change or register a new phone number. make no mistake, while these measures entail some inconvenience, they are important to protect the interests of customers. in implementing these measures, bnm and the financial industry will continue to carefully balance between security considerations and customer convenience. bnm will also continue to monitor and take appropriate action on financial institutions to ensure that the highest levels of controls and security standards are observed. we will also continue to take effective preventive measures against ever - evolving financial scams. 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

competition within the industry will also increase. for companies that invest the time and energy to thinking about shaping their future, the rewards can be substantial. one needs to explore new frontiers in doing money services business, including forming strategic partnerships with new and bigger investors with the expertise and network to take the company to the next level, being listed, and expanding abroad, regionally or internationally. human capital development human capital is a key enabler in the transformation process. operating in an environment of heightened expectations and competition, calls for companies to have the foresight to develop strong teams that have the knowledge, skills sets and competencies. companies ought to consider a long term human capital development. based on our data, business performance in terms of growth and profitability of the industry has expanded and has created new employment opportunities for malaysians. the industry should be able to attract young local talent and assume key roles in the company as it grows and expands. they should be offered attractive remuneration packages commensurate with their responsibility. they should also be provided with opportunities for training and development and encouraged to contribute new ideas and offer fresh perspectives. i urge the industry to look at this matter seriously, and formulate strategies to attract, develop and retain local talent. the industry needs to reduce the level of foreign employment which remains relatively high at present at more than 10 % of the industry total workforce. we will therefore be engaging with companies to reduce the level of foreign employment to no more than 5 % by the end of this year and to less than 3 % by the end of 2016. accreditation for compliance officers in the area of talent development, the industry should take the next step of introducing professional certification and accreditation programmes for relevant key personnel. this initiative will signal the strong commitment by the industry players to uphold their professional standards consistent with the code of conduct, and sends a clear message that this industry takes, professionalism seriously. the global scrutiny on measures aimed at countering money laundering and terrorism financing risks has heightened. the importance of having in place strong aml / cft ( antimoney laundering and counter terrorism financing ), to safeguards against such risks is given. immediate attention to developing and providing an accreditation programme for the compliance officers becomes critical. i am optimistic that an accreditation programme for compliance officers can be introduced by the industry by the end of the year. an accreditation program will also tie in well with plans being considered by the bank to introduce an approval framework for compliance officers for the industry. this program