they bear. as the financial industry evolves into digital, it is inevitable that the industry becomes vulnerable to various new threats and risk factors, especially in the domain of financial crimes and terrorism financing. in the effort to mitigate these risks, it is important that we embrace technology and use it to our advantage in order to strengthen our defences against financial crimes and terrorism financing. there are many areas in which the industry could benefit from the latest in technology. 1. firstly, the enhancement of transaction monitoring and reporting system through the use of advanced big data mining and analysis method. the advancement in artificial intelligence and machine learning enables us to collect and analyse data in a way that was not possible before. this allows us to gain new and important insights that will contribute significantly to the prevention of financial crimes. furthermore, the ability to tap into vast amount of information also helps promote better client management which would encourage wider 1 / 4 bis central bankers'speeches financial inclusion and tailored customer service ; 2. secondly, the use of technology to complement and support the compliance function especially in the area of higher risk. a good example of this is demonstrated through the use of digital verification to overcome challenges surrounding non - face - to - face verification and transaction. online identification recognition and biometric verification such as facial, voice and fingerprints recognition offer a new layer of security and potential increase in efficiency for the financial sector. such advanced systems have the potential to strengthen the existing framework and process to minimise fraud and error. it is all too common to view technology as a disruption and a threat to the way we are used to doing things. nevertheless, when technological change is managed appropriately and its related risks are mitigated, we can turn it into an enabler of progress for the financial industry. there is always a group of people who are relentless in their criminal pursuit of economic profit at the expense of others. it is only through our collective efforts that we can manage this negative externality of technological advancement. challenges posed by cryptocurrency for aml as all of you are aware, the next frontier in the financial industry is the advancement in blockchain technology that allows the existence of cryptocurrency. with the global market capitalisation now standing at approximately us $ 160 billion1, cryptocurrencies could become a major part of the financial system that offers new and exciting opportunities as well as challenges for the industry and regulators. however, cryptocurrency is vulnerable to criminal abuse due to the

, france and japan and korea and the middle east. equally important to innovative development is a deeper understanding of shariah and knowledge of islamic finance and for a greater convergence in the theoretical understanding and practical considerations in resolving the contemporary issues faced by islamic financial industry players. in this regard, a platform has been established for active engagement and intellectual dialogue among global shariah scholars, practitioners, regulators and academicians. as the global economy becomes a more interconnected and interdependent, the process of greater convergence of financial standards and mutual recognition of products is also facilitating the international integration of islamic finance across different jurisdictions. concluding remarks let me conclude my remarks. while the inherent strengths of islamic finance have contributed to its viability and resilience, going forward the foundations for its sustainability as a competitive form of financial intermediation continues to be strengthened. concerted efforts are underway focusing on the further development of the islamic financial markets, the financial infrastructure, the investment in research and development to support innovation, and enhancing further the legal, regulatory and supervisory framework. an important part of the developments will be to facilitate a more inclusive arrangement that would allow for greater interface and inter - linkages across jurisdictions, in particular from emerging economies. as part of this process, building and strengthening linkages between financial systems will contribute to this process. indeed, participation with the european financial systems will form an important linkage between the east and the west. in our pursuit and commitment to strengthening the resilience of islamic financial industry and to enhance these linkages would not only have the potential to contribute towards global financial stability but also to the prospects for global growth. thank you.