the industry and we have responded accordingly to some of these issues. i can assure you that we will continue to work with the industry to find solutions to legitimate issues raised by the industry but the industry must act responsibly and with the public ’ s interest in mind. enforcing compliance will continue to be an important focus of the bank. this focus will increase as non - bank institutions such as those in this industry potentially become more vulnerable to financial abuses as a result of strict implementation of anti - money laundering and counter financing of terrorism ( aml / cft ) measures imposed on the banking institutions. the enhanced focus is part of malaysia ’ s effort to counter money laundering and terrorism financing risks. another potential risk is in the exploitation of new products and services made possible with the advancements in technology, where the money services business industry might become a target to channel proceeds from illegal activities. bis central bankers ’ speeches specific regulatory requirements have been introduced, in particular on maintaining proper records and source documents, and the essential requirements to conduct customer identifications and to verify sources and purpose of funds. these steps should reduce these risks. in addition, the bank will continue to conduct on - site visits to your businesses to check compliance, and where necessary, we shall use the enforcement tools provided under the law to enforce compliance. the punitive measures would include the revocation of licences, monetary penalties for non - compliances and prosecution for the more serious offences. we will also continue to act swiftly to stamp out illegal operators and those who assist them in facilitating unauthorised money services business activities. to date, actions have been and are being taken against more than 180 entities, which include the revocation of licence, removal of key responsible persons for serious failures to comply with regulatory requirements, and compounds for non - compliances with various regulatory and operational requirements. several entities have been charged in court and some of these had been convicted. while we will sustain these efforts to continue to raise standards of compliance in the industry, the primary responsibility for ensuring compliance rests with the industry itself. it starts with every company having clear processes, well - trained and informed staff, and effective systems and records that assist in complying with regulatory requirements. the industry has made some progress, and we are encouraged by the efforts that are being made at individual companies and at the industry level. some of you have made more progress than others. for those that continue to wait, time is running out and it is very important that plans be

the green ecosystem to support the economy's transition. this includes refinements to our regulatory and supervisory approaches, facilitation of products and services, engagement and capacity building as well as efforts to bridge data gaps. we look forward to continuing close collaboration with the financial sector via the joint committee on climate change ( jc3 ) and other key stakeholders to further the climate agenda. finally, i would like to thank aicb and abm for facilitating this important conversation. thank you. 2 / 2 bis - central bankers'speeches