identified and to allocate our resources to areas that have the greatest impact in the fight against financial crime. while traditionally the financial sector was seen as the most vulnerable sector to ml / tf risks, in the face of heightened regulatory focus and more advanced aml / cft legislation and procedures governing this sector, money launderers started to resort to the nonfinancial sector to conceal their proceeds of crime. in response, the fatf increased its focus on the designated non - financial businesses and professions ( dnfbps ) that have similar potential to financial institutions to be used for money laundering. casinos, real estate agents, dealers in precious metals and stones, barristers, attorneys, notaries, accountants and trust and company service providers – referred to as the dnfbps in the fatf standards – are, since may 2019, subject to the same aml / cft requirements and preventive measures as financial institutions regulated by the bank of mauritius and the financial services commission. the need to enhance the regulatory and supervisory capabilities of the aml / cft supervisors of dnfbps can, thus, only be underscored. ladies and gentlemen, the scale and complexity of evolving financial products and technologies bring along new risks. to identify, evaluate, mitigate and monitor those risks, operators in the financial and non - financial sectors alike have to put in place robust risk management systems and ensure they are periodically upgraded. obviously regulators and supervisors have to keep pace with the rapid evolution of risk associated with new services, technologies and products. these require new resources and regular upgrading of skills both among supervisors of the financial and non - financial sectors. risk - based supervision is gradually taking precedence in aml / cft supervisors ’ approach around the globe. this approach is evidently much more data - centric and thus more demanding technically. risk - based supervisory frameworks require aml / cft supervisors to continuously identify, understand, assess and monitor the risk profiles of their licensees. these institutions are monitored both for compliance with the rules and how they approach and adopt risk management. ladies and gentlemen, let me now say a few words on what the bank of mauritius has been doing on aml / cft in recent year. the implementation of the risk - based approach was one of the key recommendations of the mutual evaluation report of 2018 to enhance the effectiveness of the aml / cft system. the bank of mauritius has spared no effort to set up an aml / cft

international. innovations and partnerships in the mobile phone money transfer industry, as we are seeing today, have given impetus to access to financial services to kenyans. besides the revolutionary impact on financial systems, mobile phone technology has also provided access to services for the previously unbanked and created thousands of job opportunities. the provision of remittance services is a potentially effective method by which service providers can attract the unbanked for sending or receiving purposes. in this regard, it is an emerging market leadership platform to be consolidated for enhanced financial inclusion. distinguished guests : there has been tremendous growth in international remittances in recent years, a trend that is expected to continue as the world becomes increasingly bis central bankers ’ speeches interlinked. the world bank estimated remittance flows to developing countries in 2013 to have amounted to usd414 billion, and projections to usd540 billion by 2016. in kenya, the annual remittance inflows from kenyans in the diaspora, officially recorded from banks ’ returns, rose from usd338 million in 2004 to usd1. 3 billion in 2013. this is a commendable growth of more than 285 %. these remittances, that are playing a vital role in supporting both consumption and investment needs of the recipients, have also become an important source of foreign exchange inflows to the country. ladies and gentlemen, the kenya government recognizes the role and importance of remittances in boosting economic development. in this regard, cbk has worked closely with stakeholders in the mobile phone money transfer industry in implementing regulatory reforms aimed at guiding the market to prosperity. the national payment system regulations 2014 were formulated and gazetted to guide mobile phone money transfers within the country while the money remittance regulations 2013 have been operationalized to introduce standalone money remittance providers in kenya. previously all international remittances were made through commercial banks platforms. ladies and gentlemen : despite the significant progress made in making remittance services accessible and efficient in kenya, as in the rest of the developing world, there are still some challenges that we need to address. chief among these are the high transaction costs, integrity of the services and need for effective competition. the practice has been to charge a fee for transfer and fix the exchange rate for the amount to be received. however, the question remains “ how do we provide services for international money remittances at competitive costs? ” to address this, cbk has approved partnerships between local financial