dilemma, as well as the related training sessions, are thus extremely relevant in light of current challenges. we at the bank of lithuania are eager to hear and discuss different perspectives. our approach to regulation aims to strike a delicate balance. we set out an objective to be not merely a watchdog but also a partner to the financial sector, actively facilitating the provision of financial products and services. however, this does not mean that we have somehow relaxed our focus on risk prevention and mitigation. on the contrary, we have substantially boosted human resources devoted to aml issues, establishing a dedicated unit. we have also enhanced cross - institutional cooperation in this area. 1 / 2 bis central bankers'speeches and we are looking to make a step forward. it is not a coincidence that our first session today concerns public - private sector partnerships. the eu is moving forward on this topic, as there are plans for introducing eu - level guidelines on public - private partnerships as part of the upcoming reform of the eu aml / ctf framework. recent money laundering cases clearly show that we are all sitting in the same boat and that strengthened public - private coordination is in everybody ’ s interest. therefore, over the past year public institutions and private entities in lithuania have been working towards establishing the centre of excellence in anti - money laundering. this platform will bring major private financial institutions into close dialogue with law enforcement and supervision entities to detect, disrupt and prevent financial crime. the centre constitutes our collective attempt to enhance the current aml / ctf system and base it on trust and confidence across the public - private sector divide. as international experience suggests, such public - private partnership arrangements can help in numerous tasks, both at tactical and strategic levels – from supporting the ongoing law enforcement investigations to developing financial crime typologies. i will now pass the floor to finance minister mr. vilius sapoka, who will elaborate further on the topic of public - private partnership in the aml domain. for now, let me just say that i am very happy to see active cooperation between public and private actors already in effect today. our aml conference is, i believe, a great example of how we can all join forces to make progress in preventing financial crime. thank you, and i wish all of us a fruitful and engaging conference. m o r e : www. lb. lt / en / speeches - interviews - presentations / speech - of - v - vasiliauskas - on - anti - moneylau

the question, raised by the economist - why banking industry appears to be taking a back seat and just observing the new entrants come in droves? is this just a clever distraction? i have been told once by a ceo of a major bank, half joking, that once they grow, we will buy them. there is some truth to this statement. a great number of non - bank payment initiatives ended up being provided either in collaboration with banks, via banks directly, or outright owned by banks. therefore when we talk about increased competition that non - banks can bring into the field of payments we have to ask ourselves if that is just a wishful thinking or these new institutions really have a chance? i hope we will go deeper into this topic during the conference. introduction of these disruptive technologies, like internet, smartphones, etc. are bound to lead to major innovations in payments. but technology is not the only ingredient for successful payment business. network and trust are also of key importance. moreover, often the main breakthroughs are made when market participants join forces together leading to standardization. be it the promotion of a new and efficient payment scheme or setting up an underlying infrastructure. at the same time competition authorities become very uneasy, once they see market participants sitting around the table discussing future market arrangements. this is the reason why we need to find a healthy and comfortable format for these discussions to take place. bis central bankers ’ speeches progress in technology is a powerful wind of change. but regulation can also lead to positive change if it is implemented with good timing and with an appropriate scope. i strongly believe that the right regulatory framework, that provides incentives and embraces new technology could modernize payment services and change the status - quo. i will stop here by saying that here at the central bank we have high expectations built on nonbanks both for channeling innovations and for refreshing competition. currently lietuvos bankas is working on a comprehensive national payments transformation strategy and nonbanks, i expect, will be one of the key players there. the main objective of this conference from our side is to hear the views of a wider audience and to learn what the near future is about to bring. i would like to thank sveriges riksbank for organising this event jointly with lietuvos bankas and for close cooperation during preparations and would like to invite ms cecilia skingsley, deputy governor of sveriges riksbank, for the introductory presentation. bis central bankers ’ speeches