regulation : this still places the heaviest demands on the central bank in terms of staff resources assigned to authorising, regulating and supervising the very large number of firms and funds involved in the business of exporting financial services. adaptation of the national system to comply with the requirements of the euro absorbed much of the bank ’ s work in the 1990s and into the new millennium, while a new emphasis on consumer protection responded to acknowledged weaknesses in that area. our currency centre rose to the challenge of printing a share of the new euro notes, with ever improving security features. but the design of the euro, topic of tonight ’ s t. k. whitaker lecture to be given by professor harold james of princeton university, did not, as many had assumed, protect members from macro - financial distress. the past few years have been probably the busiest ever for the bank as it has raced to stem or meet outflows and repair the damage to the banking system that has so undermined national prosperity. with industry promotion no longer part of the bank ’ s statutory mandate, the regulatory agenda has shifted into an unapologetically intrusive mode. regulations are being enforced with sizable penalties imposed for violations. a graduated but intensive and unremitting programme of specific required deliverables is being imposed on the banks to try to ensure that they will deal effectively with the admittedly challenging task of getting ahead of the still - growing mortgage arrears problem, both by getting those who can back on schedule, and modifying loans in the case of those who cannot do so. the bank is currently also playing its part in engaging with external partners in seeking to limit and smooth the impact on irish balance sheets of the indebtedness accumulated as a result of the overly expansive decision to socialise banking losses, to help accelerate recovery of employment on a sustainable basis. bis central bankers ’ speeches

which could allow someone who had an account closed by one bank on ml / tf grounds to seek to open an account in another. 2 / 5 bis - central bankers'speeches it is hoped that these partnerships will be a real game - changer in the fight to keep bad actors from accessing the financial system in order to launder ill - gotten gains. tech solutions, including tools which can allow information to be shared between financial institutions in a manner that complies with gdpr, will be essential here. the package is also forward - looking in respect of sanctions. russia's illegal war against ukraine exposed some fault lines in the eu's financial sanctions framework. the package seeks to remedy this by imposing obligations on obliged entities to put in place frameworks to prevent and detect attempted breaches of eu financial sanctions. it also requires obliged entities to ensure that prospective customers, and any person who owns or controls such prospective customers, are screened against the financial sanctions list prior to onboarding. here again, we see the importance of effective technological solutions - the use of screening tools will be imperative for firms seeking to protect themselves from the possibility of breaching sanctions. developing a wider approach to preventing financial crime money laundering pre - supposes a predicate crime which has generated assets for a criminal. looking more widely across the landscape, more work is required to put in place a comprehensive financial crime preventative framework that includes fraud. the eu and member states have started thinking about fraud and money laundering more holistically, rather than two silos to be tackled independently. this is very welcome. for our part, the central bank of ireland is approaching aml, fraud, and sanctions through the lens of financial integrity of the system. we are building out a more integrated supervisory framework to look at risk in a more holistic way. we want to take a whole - of - sector, rather than piecemeal, approach, and so very much support emerging eu thinking in this area. as a single market and economic and political union, the eu can point to work already under way and leverage further opportunities to confront the challenges involved. already, there are a number of other important eu developments aimed at protecting the financial integrity of the system and the citizens who depend on it. psd3 and the payment services regulation will strengthen customer authentication rules and extending refund rights of consumers who have fallen victim to fraud, among other measures. the eu's markets in crypto assets regulation ( micar )