outcomes of e - kyc adoption, and set out best practice as well as standardised parameters to measure effectiveness of e - kyc solutions. our hope is that with its promise of seamless digital on - boarding of customers and lower costs, increased prevalence of e - kyc will help increase competition while also advancing the financial inclusion agenda – and this must be done without compromising on financial integrity outcomes. we will consult the industry and other relevant parties through the publication of an exposure draft early december this year. third, we must strengthen our defences in view of new risks and changing environment. recent years have seen authorities across the globe intensifying action against financial institutions for harbouring criminal activity. we see multi - billion dollar fines and all forms of regulatory sanctions, with some facing the threat of closure. on our part, bank negara will continue to use supervisory levers to sustain positive changes and drive improvements in the compliance culture in the industry. this includes seeing increased oversight by senior management and board of directors, more robust remedial measures and increased investments in strengthening compliance. we prefer if the industry can strengthen their defences against financial crimes pre - emptively, on their own. but bank negara will also not hesitate to use enforcement levers to deal with instances where there are persistent gaps and non - compliance with rules. over the years, we have worked to enhance our enforcement framework to ensure that enforcement actions are just, proportionate and transparent. in order to uphold transparency of enforcement actions, we have started publishing actions taken against financial institutions for non - compliances of rules under our purview. the intention is to clarify our regulatory expectations and to expedite change in culture by knowing the incentives and consequences of non - compliance. in january, we lowered the daily cash threshold report ( ctr ) from rm50, 000 to rm25, 000. up to september, over five million ctr reports were received, representing about rm483 billion in cash transactions. it is still too early to draw any concrete conclusions, but what we have observed across the industry is the total value of cash transactions reported has increased marginally, while the number of ctr reports received have nearly doubled. the significant increase in ctr received since january provides us important data points that enable more rigorous monitoring of peculiarities in cash transactions and identification of ml / tf risk on newly 2 / 3 bis central bankers'speeches identified entities that have not been captured previously. these additional insights also lead to

in supporting demand. but that is only if it is used prudently and has been used prudently. if the use of fiscal policy in the past has not been optimised – and that is often the case, with fiscal policy often being used for political ends rather than as an economic tool – then it is likely that fiscal policy has not only been ineffective in creating the conditions for sustainable growth, but that the opportunity to use it to support growth has also become significantly narrower. this is indeed the place where many emerging and developed nations now find themselves. today, we are seeing the limits of debt - fuelled growth. the world seems to need more and more debt to create less and less growth. that cannot go on. debt has a role in supporting growth but over - dependence on it, and its misuse, has repeatedly resulted in bad outcomes. therefore, we have to look at alternative means of creating more sustainable growth. one of those alternatives may be greater economic integration, regionally and globally. in fact, economic and financial integration, whether regional or global, has been occurring. as a result, it has become increasingly difficult for individual countries to determine their independent path to prosperity. while not downplaying the importance of keeping our house in order and the need to promote competitive and transparent economies, it is nevertheless bis central bankers ’ speeches obvious that the fates of economies are increasingly linked to those of others. integration has its benefits and it has its costs. in a world of low growth, the political rhetoric in some major economies has tended to focus more on the costs and less on the benefits. that is unfortunate, because given the current circumstances of the global economy, it is likely that we need deeper and fairer integration. for emerging economies in asia and latin america, the question for us is whether deeper economic and financial integration offers a feasible path towards unlocking sustainable growth of our economies? how do we mitigate the costs and maximise the benefits? the world bank theme paper for this conference provides a useful starting point for thinking about these issues. i will leave it to the learned speakers today to ponder on that. i will just briefly share my perspective on this issue with respect to asean and malaysia. asian regional economic and financial integration the asean economic community blueprint 2025 contains asean ’ s vision of regional economic and financial integration over the next 10 years. when it came to formulating the 2025 blueprint, the issue of the nature of integration has always been central