of an effective aml / cft regime, that is to ensure that the financial system and the broader economy are protected from threats of money laundering and the financing of terrorism, thereby strengthening financial sector integrity that contributes to the safety and security of the country. before i end my speech, let me recap the following key points : i. crimes and money laundering could pose significant threat to our financial system, economy and society ; ii. understanding of risks is key in ensuring that our aml / cft measures are commensurate with the risks, in order for us to protect the financial institutions and the integrity of our financial system ; iii. non - compliances will be viewed very seriously and strong regulatory and supervisory actions are to be expected ; iv. cooperation and collaboration between financial institutions and leas are vital for an effective aml / cft regime ; and v. legal, regulatory and operational frameworks alone are not sufficient without effective execution and overall implementation. results would need to be measured based on the outcome and impact. bis central bankers ’ speeches in relations to the mutual evaluation that will be undertaken from 13 to 25 november this year, i wish inform that some financial institutions will be called to meet the assessors during the on - site assessment in november. the purpose of the meeting is for the assessors to assess how effective aml / cft measures are being implemented by the reporting institutions. we have identified several potential institutions as per the criteria given by the assessors. if your institution is being selected, you will receive formal notification from us in due course. nevertheless, there are also high possibilities that the assessors may request to meet institutions of their choice during the on - site assessment. on the final note, i would like to once again thank all of you here today for attending this conference and for the moderators and panellists who are willing to share their experiences for the collective benefits of everyone attending the conference today. i would also like to thank the association of banks, malaysia ( abm ), association of islamic banking institutions malaysia ( aibim ), life insurance association of malaysia ( liam ), malaysian investment banking association ( miba ), malaysian takaful association ( mta ) and the securities commission malaysia for coordinating the participation from your members. i wish all of you a successful and productive conference ahead. bis central bankers ’ speeches

signs of stress, banks should come together and look at the holistic viability of the entity rather than adopt ad hoc “ go it alone ” solutions – this will avert larger sacrifices at later stage. conclusion 15. the magnitude of the global financial crisis and consequent corrective actions have necessitated changes in the regulatory regime. the changes however, may vary across different countries depending upon the nature and level of sophistication of the respective financial markets. the new global standards are expected to enhance the resilience of the banking sector as a whole, while promoting financial stability in both developed and emes. however, in emes such as india, the challenges of rapid and inclusive growth require the regulator to focus on facilitating financial sector development that is conducive to such growth while not compromising on prudential principles and financial stability. this has also implied evolving the regulatory framework to meet the needs of the productive sectors and in particular, paying specific attention to key areas such as infrastructure financing, agriculture, mse, education and low income housing. thank you.