system has been resilient, with the ability to provide critical support to households and businesses during the difficult times. digital financial services like electronic payments have made it easy for people and businesses to continue making transactions in a low touch setting, with even greater ease. the financial sector has also stepped up to provide various forms of relief to customers over the last two years, such as by giving borrowers breathing space and helping them get back on their feet while ensuring that depositors ’ interests are not jeopardised. all this was made possible on account of efforts in recent decades to develop and strengthen the financial system. in the same way, the financial sector will continue to have a central role in providing solutions to the challenges ahead – be it in bringing about an orderly transition to a greener economy, or helping households and businesses become more resilient to financial shocks in an increasingly dynamic and fast changing economic environment. and so, while we have been busy directing our minds and energies dealing with the here and now of the pandemic, we have not stopped thinking about the future. 1 / 3 bis central bankers'speeches today, we will be launching the financial sector blueprint 2022 – 2026. it sets out bank negara malaysia ’ s vision for financial sector development over the next five years, and our broad strategies for getting there. this includes the vision for the financial sector to be agile and resilient to support the transition of our nation to its next stage of development. we have identified five priorities that will anchor our efforts – working together with the government, industry, business and social enterprises and other stakeholders – to promote a financial system that will secure long term growth, planetary health and shared prosperity. the five priorities are : 1. first, funding malaysia ’ s economic transformation ; 2. second, elevating the financial well - being of households and businesses ; 3. third, advancing digitalisation of the financial sector ; 4. fourth, positioning the financial system to facilitate and orderly transition to a greener economy ; 5. and fifth, advancing value - based finance through thought leadership in islamic finance. we are excited about the blueprint, and we look forward to engaging further and working with you to transform these aspirations into reality. but before that, allow me to share with you our approach and thinking behind this blueprint. i will make four key points that have informed our approach and thinking. first, with the benefit of two decades of development of the financial sector behind us

the institutions and industry that could contribute towards the prevention of financial crimes and terrorism financing. apart from standing guided by specific instruction and detailed direction from regulators, compliance officers are encouraged to introduced new or proactive measures, within the ambit of the law. similarly, the requirement now emphasises on measures that commensurate with risk. the application of the risk - based approach ( rba ) should have a meaningful application in action. misinformed rba could lead to unjust financial exclusion, economic cost to institutions, or 3 / 4 bis central bankers'speeches sanctions by the authority. the efforts by private sector are vital as they form a part of the country ’ s assessment towards compliance to international aml / cft standards. they are assessed under immediate outcome 4 on whether ris adequately apply aml / cft preventive measures commensurate with their risks, and report suspicious transactions. i wish to highlight that, based on mutual evaluation exercise conducted on 38 countries so far, majority of the private sector within these countries, including developed countries are still unable to demonstrate the characteristics of an effective system ; namely understanding risks, comprehensive internal control and compliance programme including application of customer due diligence on suspicious transactions reporting. i would like to echo the discussion during the plenary session yesterday that an effective antifinancial crime programme requires concerted efforts from every line in the institutions, be it the first, second or third line of defence. it also demands collaborative efforts by other functions within the institutions, including an updated it system and infrastructure, comprehensive and continuous staff training programmes, and good understanding of risks. most importantly, the oversight and support from senior management and board of directors of the institutions. before i conclude my speech, allow me to share with you some developments from the regulatory perspective that you can expect in the near future. as you may be well aware, our national ml / tf risk assessment ( nra ) is currently in progress and is expected to be concluded by year end. the results of the assessment will be accompanied with some guidance from regulators. this should be used as a basis in your institutional risk assessment to eventually align your operations on a risk - based approach. you can also expect introductions and amendments to aml / cft policies, in response to the nra as well as to new areas relating to cryptocurrencies and e - kyc. from the enforcement perspective, another notable change to expect in the next year is the publicising of